Im on a low income but am fortunate to have a bit of money in the bank after selling my property.
I went from having a $1200 tax refund to now owing $4000 due to the interest I earnt on my account.
Is it possible to put the money into an account in my childrens name or will tax be payable on a childs account anyhow?
Any other ideas or options??
Cheers.
