Bank depositors have had much to celebrate as rates have stayed higher for longer. But with more interest income comes more tax. Here are some strategies to ease the pain.
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If you’ve been surprised by a smaller tax refund this year, your high-interest savings account may be to blame.
Thirteen cash rate increases since May 2022 mean people who have lots of money in the bank – first home buyers saving for a deposit and retirees who like a cash buffer, for example – are generating more taxable income.
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Original URL: https://www.afr.com/wealth/tax/smaller-tax-refund-this-year-check-your-savings-account-20241104-p5knt6