Switch savings accounts 'to lowest-taxed family members' name'

People who want to get more from their tax refund might like to switch all savings accounts to the lowest-taxed member of the family, one industry expert has noted.

It might be a good idea to switch all savings accounts to the lowest-taxed member of the family to get more out of the tax return.

This is according to David Potts, writing for the Age, who recommended that other interest-bearing products should also be moved to the same person.

He advised people to take advantage of the "weak share market" and shift assets around within the family or even to a DIY super fund.

Mr Potts added: "For investments you can pre-pay next financial year's interest. For a property there's always something that needs doing - perhaps a new coat of paint?"

Keeping credit card receipts from one-off expenses is another top tip from the industry expert.

And he maintained that there is no large interest rate rise around the corner from the Reserve Bank of Australia - which was kept at 4.5 per cent at the beginning of June - so there is no need to do anything about the mortgage.

By Emma North