Mambu Banking Engine

Ideas aimed to improve the current experience provided by the Mambu Banking Engine.

Ability to charge conditional Withholding Tax [Australian Regulatory Requirement]

[Australian Regulatory Requirement]

Use Case

If Clients do not provide a TFN and they are not exempt from withholding tax (WHT) (like a pensioner), WHT is charged when interest is applied, if the interest income for the financial year projects to exceed AUD120.

There are more rules depending on age group. For details see linked document.

Note: Australian financial year is e.g. June 2018 -> July 2019.

This links into, see relevant UBank comment from @Sascha Dannroth .

  • Sascha Dannroth
  • Nov 1 2018
  • Will not implement
  • Attach files