Children's savings accounts

Does the child need to lodge a tax return?

The child does not need to lodge a tax return if their only source of income is interest totalling less than $416.

However, if pay as you go (PAYG) tax has been withheld, the child must lodge a return to get a refund.

Find out more Gross interest Income of individuals under the age of 18 Taxation Ruling IT 2486 - Income tax: children's savings accounts Taxation Determination TD 93/148 - Income tax: are monetary gifts received by a child or any interest earned on investing such money treated as 'excepted assessable income'? For help applying this information to your own situation, phone us on 13 28 61.