This question is about interest paid or credited to you from any source in Australia, including accounts and term deposits held with financial institutions in Australia. This includes:
- interest we paid or credited to you
- interest from children's accounts you opened or operated with funds that belonged to you or funds that you used as if they belonged to you. For more information about children's accounts, see Taxation Ruling IT 2486 - Income tax: children's savings accounts.
Refer to TaxPack 2011 supplement if you have any of the types of interest listed below:
- distributions of interest you received, or were entitled to receive, from a partnership or trust (including a cash management trust, property trust, unit trust or other similar trust investment product); see question 13 Partnerships and trusts
- interest from a foreign source; see question 20 Foreign source income and foreign assets or property?
- interest from the land transport facilities tax offset scheme or infrastructure borrowings scheme; see question 24 Other income.
Was any interest paid or credited to you from any source in Australia?
Answering this question
You will need:
- your statements, passbooks and other documentation from your financial institutions and other sources that show 2010-11 interest income
- any notice of assessment or amended assessment you received from us during 2010-11 that shows interest on early payments or interest on overpayments.
Tax file number (TFN) amounts are amounts of tax withheld by financial institutions because you did not provide your TFN or Australian business number (ABN) to them. TFN amounts are shown on your statement or document as 'Commonwealth tax' or 'TFN withholding tax'. These amounts must be included as gross interest on your tax return.
Do not include any interest credited to a first home saver account, or included as part of a payment to you from such an account, at this item or anywhere else on your tax return.
If you were a non-resident when you received or were credited with the interest, do not include it here; see Special circumstances and glossary for information about non-resident withholding tax on these amounts.
If you had any joint accounts, show only your share of the interest. This will be half if you held the account equally with one other person. Keep a record of how you worked out your proportion if you and the other account holders did not share the amounts of interest equally.
Completing your tax return
Add up the amounts of gross interest you received in 2010-11.
Write the total amount of your gross interest at L item 10. Do not show cents. If the total was less than $1, do not write anything.
Add up all your TFN amounts but do not include any which have already been refunded to you, as shown on your statements. Write the total at M item 10. Show cents.
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