• Third party reporting

    Prior to the introduction of formal interest reporting in the late1980s, it was estimated that more than $4 billion in interest income was omitted by individuals each year. In 2012, financial institutions reported to the ATO in excess of $24.2 billion in interest paid to individuals. When matched to income tax returns, only $175.9 million, or 0.7%, was not returned voluntarily in tax returns.

      Last modified: 02 Mar 2015QC 42708