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 2016 if you have any of the types of interest listed below:
Show 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) at question 13 Partnerships and trusts 2016.
Show interest from a foreign source at question 20 Foreign source income and foreign assets or property 2016.
Show interest from infrastructure borrowings at question 24 Other income 2016 if you intend to claim a tax offset at item T8 Other non-refundable tax offsets 2016.
Was any interest paid or credited to you from any source in Australia?
No |
Go to question 11 Dividends 2016, or return to main menu Individual tax return instructions 2016. |
Yes |
Read on. |
Answering this question
You will need:
- your statements, passbooks and other documentation from your financial institutions and other sources that show 2015-16 interest income
- any statement of account or notice of assessment (or amended assessment) you received from us during 2015-16 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'. You must show these amounts as gross interest 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 2016 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
Step 1
Add up the amounts of gross interest you received in 2015-16.
Step 2
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.
Step 3
Add up all the TFN amounts shown on your statements, but do not include TFN amounts that we have already refunded to you. Write the total at M item 10. Show cents.
Where to go next
- 11 Dividends 2016
- Individual tax return instructions 2016
- 9 Attributed personal services income 2016