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Gross interest

How to report interest when you lodge your return using myTax.

Last updated 12 June 2014

We may have pre-filled your return with information provided to us by Australian financial institutions relating to interest income you received or were credited with during 2013–14.

Check for any interest you received, or were credited with, that is not shown in any information that has been pre filled and ensure you add it.

Gross interest includes:

  • interest from savings accounts, term deposits and cash management accounts
  • interest we paid or credited to you
  • interest from children’s accounts you opened or operated with funds that you used as if they were yours
  • tax file number (TFN) amounts, that is, amounts withheld by financial institutions because you did not provide your TFN or Australian business number (ABN) to them.

Answering this question

You will need:

  • your statements, passbooks and other documentation from your financial institutions and other sources that show 2013–14 interest income (TFN amounts are shown on your statement or document as ‘Commonwealth tax’ or ‘TFN withholding tax’)
  • any notice of assessment or amended assessment you received from us during 2013–14 that shows interest on early payments or interest on overpayments.

Interest credited to a first home saver account is not assessable income. Do not include it anywhere on your tax return.

If you had a joint account, show only your share of the interest.

You must read question 10 for information on how to treat children’s accounts you operate.

Completing your tax return

1. For each account where interest has not been pre-filled in your return, click on 'add interest' and complete all the information. Include details of any joint accounts.

2. Click on 'Save'.

Instructions on completing your individual tax return using myTax.