Ballina Credit Union can only advise members of the different types of share and deposit accounts that are available, and the taxation treatment of each type.
Ballina Credit Union can NOT advise individual members as to the type of account they should hold. Members are advised to contact their local tax office or taxation advisor should they be unsure of their position.
Under current legislation Ballina Credit Union must report to the Revenue Commissioners each year details in respect of dividend or interest payments to members in excess of €635. In addition, Ballina Credit Union is obliged to report to the Revenue Commissioners the first relevant payment of dividend or interest on new accounts opened since 1st January 2008, irrespective of the size of the payment.
Deposit Interest Retention Tax (DIRT) @ the rate of 41% is deducted by the credit union and remitted to the Revenue Commissioners from any interest paid on a deposit account. Once DIRT has been deducted the member has no further taxation liability on that interest and does not have to declare it in an annual tax return.
SPECIAL SHARE ACCOUNTS
A member may opt to hold their savings in a special share account. Any dividend paid will have DIRT deducted as with a deposit account. No further taxation liability will arise on that dividend and the amount earned does not have to be declared in an annual tax return.
MEMBERS AGED OVER 65 or PERMANENTLY INCAPACITATED
A member in this category whose annual income is below €18,000 (single) or €36,000 (joint) may make a claim for the repayment of any DIRT deducted. Alternately, that member can make can make a self declaration on Form DE1 available in the Credit Union or click here, and any interest or dividend thereafter will be paid without deduction of DIRT.
Results of the Ballina Credit Union December 2018 Members Car/Cash Draw