Things you need to know
Declare at this question 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 Determination TD 2017/11 Income tax: who should be assessed to interest on bank accounts?
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) in the supplementary tax return at question 13 Partnerships and trusts 2024.
Show interest from a foreign source in the supplementary tax return at question 20 Foreign source income and foreign assets or property 2024.
If you were not paid or credited interest from any source in Australia, go to question 11 Dividends 2024, or return to main menu Individual tax return instructions 2024.
What you need to answer this question
You will need:
- your statements or other documentation from your financial institutions and other sources that show 2023–24 interest income
- any statement of account or notice of assessment (or amended assessment) you received from us during 2023–24 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 in your tax return.
If you were a foreign resident when you received or were credited with the interest, don't include it here. For information about non-resident withholding tax on these amounts, see Non-resident withholding tax – Gross interest.
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
To complete this question, follow the steps below.
Step 1
Add up the amounts of gross interest you received in 2023–24.
Step 2
Write the total amount of your gross interest at question 10 – label L. Don't show cents. If the total was less than $1, don't write anything.
Step 3
Add up all the TFN amounts shown on your statements, but don't include TFN amounts that we have already refunded to you. Write the total at question 10 – label M. Show cents.
Where to go next
- Go to question 11 Dividends 2024.
- Return to main menu Individual tax return instructions 2024.
- Go back to question Total tax withheld 2024.