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myTax 2017 Interest deductions

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

Last updated 11 June 2017

Complete this item if you had expenses that you can claim as deductions against assessable interest income.

Expenses include:

  • bank or other financial institution account-keeping fees for accounts held for investment purposes
  • fees for investment advice relating to changes in the mix of your investments
  • interest you paid on money you borrowed to purchase income-producing investments.

If you had a joint account or if you shared an interest-earning investment you can claim only your share of the 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 Interest deductions.

Completing this section

You will need your bank or financial institution statements or passbooks.

  1. For each interest deduction expense, select
  2. Add and enter information into the corresponding fields.
  3. Select Save.
  4. 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.