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C Gross interest

Last updated 12 February 2019

Did the SMSF earn interest income from an Australian source?


Leave C blank. Go to X.


Read on.

Write at C the total interest income that the SMSF earned in 2014–15. The amount at C should not be reduced by any loss or outgoing related to the income.

Include at C:

  • interest earned on money (for example):        
    • in a bank (or similar institution) account
    • that the SMSF has lent to another person or organisation
  • interest that is paid by the ATO or credited against another SMSF liability because the SMSF paid a tax liability early (see H1 Credit for interest on early payments – amount of interest in Section D).

If you include an amount at C that is exempt current pension income, include it also at Y Exempt current pension income.

Do not include interest income that is:

  • derived from foreign sources (write it at D1 Gross foreign income)
  • part of a distribution from a partnership (write it at I Gross distribution from partnerships)
  • non-share dividends received from holding a non-share equity interest (write it at J Unfranked dividend amount, K Franked dividend amount and L Dividend franking credit as applicable – for more information see Guide to the debt and equity tests)
  • included in a share of net income from a trust (write it at M Gross trust distributions)
  • non-arm's-length income of a complying SMSF (write it at U3 Net other non-arm's-length income).
Start of example

Example: Interest income

In 2014–15, SMSF C had $50,000 in a bank term deposit. The bank paid $4,000 interest to SMSF C.

SMSF C reports $4,000 at C Gross interest.

End of example