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.
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. You can use the decline in value calculator to work out your deduction.
If you had a joint account or if you shared an interest-earning investment you can claim only your share of the joint expenses.
You cannot claim account-keeping fees on a first home saver account and expenses you were charged for drawing up an investment plan.
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.
Evidence if you are claiming
You need your bank or financial institution statements or passbooks.
Completing your tax return
- Add up all your expenses for this item.
- Click on 'Add' button.
- Enter your description and the total.
- Click on 'Save'.