tax on term deposits

Discussion in 'Money Management & Banking' started by selena18, 2nd May, 2008.

Join Australia's most dynamic and respected property investment community
  1. selena18

    selena18 Member

    Joined:
    1st Jul, 2015
    Posts:
    7
    Location:
    Melbourne, Victoria
    Hi,

    Can anyone tell me what is the Tax payable on interest earned on a Term Deposit if it is my only source of income.

    example $250k x 8.1% = $20,250 interest earned.

    Thanks in advance

    Selena
     
    selena18, 2nd May, 2008
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,414
    Location:
    Sydney
    Using the ATO's Tax Tools - Simple Tax Calculator

    ... and assuming 2007 tax rates and that you are a resident for the full year (and not taking medicare levy or any other aspects into account):

    The estimated tax on your taxable income is: $2,137.50

    Don't take this as gospel - there may be other factors which impact on your tax situation.
     
    Simon Hampel, 2nd May, 2008
    #2
  3. selena18

    selena18 Member

    Joined:
    1st Jul, 2015
    Posts:
    7
    Location:
    Melbourne, Victoria
    Thanks

    Hi Sim,

    Thanks very much for the info and the link to the Tax Tool.

    Regards

    Selena
     
    selena18, 2nd May, 2008
    #3