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Articles
FBT – Christmas Parties and Taxi Fares
Hiring older employees
Deadline - 19th December 2014
Traps in Making Family Trust Distributions
Data matching offshore bank accounts
Estate planning in an SMSF.
Maximising the benefit of Credit Cards
Warning on Bank Offset Accounts
Mining tax gone but watch for associated tax changes
Warning on Bank Offset Accounts

 

Are you sure that your deal from your bank is what you think?


     

Recently a large bank acknowledged errors over a number of years in short paying its customers with offset accounts (not one of the big four).  Fortunately, for its customers, it agreed to back-pay the shortfall.


Whilst the principle of an offset account is beneficial to some (but not all), is it what you expect?


Whilst a fundamental principle is that interest earned is used to reduce (i.e. offset) interest payable, it is never that simple.


Is the interest earned rate, the same as the interest payable rate?


Do you know what both rates are?


Do you check the calculation? – bank above got it wrong!


Could the perceived tax advantages be achieved by investing in the name of a non-working spouse, who receives a higher rate on a fixed term deposit?


 


AcctWeb




17th-October-2014

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