Show download pdf controls
  • FID and other taxes

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    State governments charge Financial Institutions Duty (FID), government duty tax (GDT) and debits tax for operating certain types of accounts held with financial institutions such as banks, building societies and credit unions. You can claim a deduction for any FID charged on the deposit of assessable dividend income into your accounts. You can also claim a deduction for that part of any GDT or debits tax charged on debits from your account used to fund deductible expenses in relation to earning dividend income. If only a proportion of the debit was used to fund deductible expenses, then only the same proportion of GDT or debits tax is deductible.

    Last modified: 05 Dec 2006QC 16138