Guide to income you must declare

Interest

If you are an Australian resident and you receive, or you are credited with, interest from any source within Australia, you must declare the interest as income. Include:

• interest earned from financial institution accounts and term deposits, and
• interest we paid or credited to you.

Children's savings accounts

If you opened or operated an account for a child and the funds in that account belonged to you, or you spent or used the funds in the account as if they belonged to you, you must include any interest from the account.

For more information, refer to: Tax return for individuals instructions 10 - Gross interest Children's savings accounts.

Life insurance bonuses

You must declare some types of life insurance bonuses. You will get a tax offset equal to 30% of any bonus amounts included in your income.

For more information, refer to Tax return for individuals supplement instructions 22 - Bonuses from life insurance companies and friendly societies.

Income you must declare - home

Sections within Investment income

• Interest
• Dividends
• Rent
• Managed investment trusts