See Item 11: Gross Interest on the ATO website.
To record the details of the interest transactions, use the Interest worksheet (int). Enter transactions in dollars and cents. We'll round the total when integrating to the main return. See Interest Income worksheet (int) - entities.
Even if the TOFA rules apply to the partnership, show at label J all interest incurred on money borrowed within Australia and overseas to:
- acquire income-producing assets
- finance business operations
- meet current business expenses.
- This includes interest from financial arrangements subject to the TOFA rules.
Sharing of the Interest and TFN credits for jointly-owned accounts is in the Interest Income worksheet (int).
10-480 Interest from children's savings accounts
23-320 Discounted and deferred interest securities
23-400 Commonwealth special bonds
23-410 Commonwealth treasury notes and other non-interest-bearing securities
23-020 Taxation of financial arrangements (TOFA)