ato logo

myTax 2017 Dividend deductions

How to claim dividend deductions when you lodge your return using myTax.

Last updated 11 June 2017

Complete this section if you incurred expenses in earning income included in the Dividends section.

Expenses include:

  • fees for investment advice relating to changes in the mix of your shares or similar investments
  • interest paid on money borrowed to purchase shares or similar investments
  • costs relating to managing your shares or similar investments, such as travel and buying specialist investment journals or subscriptions.

If you were an Australian resident for tax purposes when a listed investment company (LIC) paid you a dividend and the dividend included a LIC capital gain amount, you can claim a deduction of 50% of the LIC capital gain amount. The LIC capital gain amount appears separately on your dividend statement.

If you had joint share investments or similar shared investments, show only your share of joint expenses.

If you borrowed money to purchase assets for your private use and income-producing investments, you can claim only the portion of the interest expenses relating to the income-producing investments.

You can claim a proportion of the decline in value of your computer, based on the percentage of your total computer use that related to managing your investments.

Depreciation and capital allowances tool

You can use the Depreciation and capital allowances tool to work out any deductible decline in value. To access the tool, select the 'Work it out' link in the Deductions section on the Prepare return screen.

For more information, see Dividend deductions.

Completing this section

  1. For each dividend deduction expense, select Add and enter information into the corresponding fields.
  2. Select Save.
  3. Select Save and continue.

Note: If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select Work it out.