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Children's savings accounts
Who declares interest earned by the child's savings account?
Who declares the interest depends on who owns or uses the funds of that account (no matter what type of account it is or the name of the account holder).
The parent owns the money if they provided the money and they spend it as they like, whether or not the parent spends the money upon resources for the child. The parent includes the interest in their income tax return.
When an account is held in trust for the child by the parent and the parent controls the income and expenditure in the account, interest earned in that account is included in the parent's income tax return.
https://www.ato.gov.au/Individua ... s-savings-accounts/ |
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