Why should we pay tax via the bank? when bank fees exceed interest

Eric Richards · 05-24-2006, 02:15 PM

Now here is a topic I am sure you would be interested in.
I have three bank accounts with the same bank, a normal saving account, a super saver, and a credit card,

The super saver is the only one I get interest on and I pay tax, last month I got $5.08 interest and paid $0.99 in tax,
A saving statement shows I paid $9.8 in bank fees
Just in those two accounts, my argument is why should I pay tax?

I use the bank to keep my money safe and to earn interest, the higher the interest the better I like it, another way of putting it the bank is a source of income, how can you say I earn money from the bank when it cost me $9.8 to earn $5.08 to put it blunt, I am getting screwed by the bank and the tax man is kicking me in the head while I am on the ground.

As for the credit card, the only credit I had on last month statement was $20 I paid, otherwise it was $3.54 in interest charge and $1.13 in insurance permium

I think at the end of the financial year there should be a statement sent to me by the bank that shows all the interest I have earn from all the account and all the bank fees from all my accounts and if the interest is higher than the bank fees then I pay tax on the difference.

On the other hand if I had my saving account with say "Bank of USA" and the super saver with "Bank of UK" then of course then I should pay tax on my super saver, but all my accounts are with the same bank, as I said how can the bank be a source of income just like my employer pays tax on the money I earn from the hours I work at the job?

No doubt you are getting screwed too if you have a similar bank accounts with your bank, in which case why should we get taken for a ride?

So anyway this week I will take out money from my super saver to pay off the credit card and also by off a bill in a hurry, and a bit more for spending that way I should get lower interst next month and pay less tax, but dont you agree with "Why should we pay tax via the bank, when bank fees exceed interest?"

Arm_Pit3 · 05-25-2006, 06:31 AM

You are getting screwed..... In my saving account i have no extra charges, only interest.

05-24-2006, 02:15 PM	#1 (permalink)
Eric Richards banned Join Date: Mar 2006 Location: Auckland, New Zealand Posts: 131	Why should we pay tax via the bank? when bank fees exceed interest Now here is a topic I am sure you would be interested in. I have three bank accounts with the same bank, a normal saving account, a super saver, and a credit card, The super saver is the only one I get interest on and I pay tax, last month I got $5.08 interest and paid $0.99 in tax, A saving statement shows I paid $9.8 in bank fees Just in those two accounts, my argument is why should I pay tax? I use the bank to keep my money safe and to earn interest, the higher the interest the better I like it, another way of putting it the bank is a source of income, how can you say I earn money from the bank when it cost me $9.8 to earn $5.08 to put it blunt, I am getting screwed by the bank and the tax man is kicking me in the head while I am on the ground. As for the credit card, the only credit I had on last month statement was $20 I paid, otherwise it was $3.54 in interest charge and $1.13 in insurance permium I think at the end of the financial year there should be a statement sent to me by the bank that shows all the interest I have earn from all the account and all the bank fees from all my accounts and if the interest is higher than the bank fees then I pay tax on the difference. On the other hand if I had my saving account with say "Bank of USA" and the super saver with "Bank of UK" then of course then I should pay tax on my super saver, but all my accounts are with the same bank, as I said how can the bank be a source of income just like my employer pays tax on the money I earn from the hours I work at the job? No doubt you are getting screwed too if you have a similar bank accounts with your bank, in which case why should we get taken for a ride? So anyway this week I will take out money from my super saver to pay off the credit card and also by off a bill in a hurry, and a bit more for spending that way I should get lower interst next month and pay less tax, but dont you agree with "Why should we pay tax via the bank, when bank fees exceed interest?"

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05-25-2006, 06:31 AM	#2 (permalink)
Arm_Pit3 Gold Member Join Date: Mar 2006 Posts: 434	You are getting screwed..... In my saving account i have no extra charges, only interest.