会计 and 贷款 related questions

Hi accountants and brokers,

Just wondering if anyone could advise me on these:

1. if my parents who are not a citizen nor an Australian PR would like to open a bank account in Australia, and they would probably put some savings in there, do they need to pay for any tax for the interests that they earn on their savings? if they do, how does that happen?? **bear in mind they do not have tax file number.**


2. I have two loan accounts going at the moment. however, I find that I do not get anymore benefits if I were to continue with the current loan package that I'm having. I probably have to do a refinancing or combining the two loans into one. How shall I go about with this? Is there any reliable brokers around who would like to help me with this situation??


Thanks in advance.

oh

Quoted from NAB's website and hope that helps.


What’s Withholding Tax (WHT)?
We have to withhold an amount from your interest earnings and send it to the Australian Taxation Office (ATO) if you haven’t provided us your TFN, or if you’re a non-resident of Australia.

WHT is calculated using the top marginal rate of tax (which is 45%) plus Medicare levy (which is 1.5%).  If you’re a non-resident, the WHT rate is 10%.  WHT applies to accounts that earn over $120 interest (for adults) and $420 (for children) for the financial year on a pro-rata basis.

If you’re exempt from paying income tax and have lodged a TFN exemption with us WHT won’t apply on future credit interest you earn from your account.

You might like to read our article Lodging a Tax File Number exemption for more information.