High Interest Investment

do i get taxed when i have a high interest rate savings account?

iam just asking because ive come into inheritence of 1 mill. if i put that in a high interest savings account and live off that . e.g 5% interest meaning i get 50k a yr just by that and i live off that money. as in not work. would i be charged tax and how much tax will i have to pay for getting 50k a yr from the interest only? by the way, i live in australia so please give answers about australian tax only.

Public Comments

1. You will get taxed on the full amount less the tax free threshhold. You can expect to pay $10,350 (including medicare levy) on the amount.