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.
Use Individual tax return supplement 2014 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); show these at question 13 Partnerships and trusts
- interest from a foreign source; show these at question 20 Foreign source income and foreign assets or property
- interest from infrastructure borrowings if you intend to claim a tax offset at item T10 Other non-refundable tax offsets; show these at question 24 Other income.
You will need:
- your statements, passbooks and other documentation from your financial institutions and other sources that show 2013–14 interest income
- any statement of account or notice of assessment (or amended assessment) you received from us during 2013–14 that shows interest we paid or credited to you, for example:
- interest on early payments
- interest on overpayments
- delayed refund interest.
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 foreign 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.
Add up the amounts of gross interest you received in 2013–14.
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.