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  • Interest income

    We may send a letter about your interest income if a financial institution reports they paid you interest, but this does not match the interest amount you declared in your tax return.

    The letter will include a schedule showing the relevant information from your tax return compared with information we hold.

    Find out about:

    See also:

    Understanding your interest income schedule

    Below is a sample interest schedule. Keep in mind that your schedule will contain your own details and may not look exactly like this one.

    Sample interest income schedule

    Interest income schedule
    for the year ended 30 June 2015

     

    Interest income

    Tax withheld

    Amounts advised by your financial institutions

    $1,722

    $0.00

    Amounts you included on your tax return

    $1,230

    $0.00

    Difference

    $492

    $0.00

     

    Source of income

    BSB
    number

    Account number

    Interest
    income

    Tax
    withheld

    Big Bank

    049536

    54532458463/J

    $953

    $0.00

    ABC Finance

    067148

    3541586/I

    $492

    $0.00

    Northwest Banking Corporation

    018964

    935415658/I

    $277

    $0.00

    Please note:
    The /I at the end of the account number represents an individual account.
    The /J at the end of the account number represents a joint account, and this is your share of the interest.

    The following definitions will help you understand your schedule:

    • Amounts advised by your financial institution – The total amount of interest income and tax withheld, as reported to us by financial institutions.
    • Amounts you included on your tax return – The total amount of interest income and tax withheld you declared in your tax return.
    • Difference – The difference between the interest you declared on your tax return and the interest amounts reported to us by financial institutions.
    • Source of income – A list of each source of interest paid to you, as reported to us by financial institutions.
    • BSB number – The BSB (bank-state-branch) number for each source of interest reported to us.
    • Account number – The account number for each source of interest reported to us.
    • Interest income – The interest amount for each source of interest reported to us.
    • Tax withheld – Tax withheld amount for each source of interest reported to us.

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    Last modified: 11 Feb 2016QC 41709