The Interest Income worksheet provides for the details of one or more interest income transactions to be recorded.
To add transactions click Ctrl+Insert. To delete transactions click Ctrl+Del.
Complete the following fields in the worksheet
|Financial institution name and account number||Name of the financial institution and account number|
|Number of account holders||Enter the number of account holders|
|Country of residence for tax purposes when interest was paid or credited|
Select the country of residence.
You don't need to select the country of residence if you've selected Australian resident on the front cover and not entered any dates at Item A2 - Part year tax free threshold.
Enter the gross amount.
This is a calculated field - Total amount/number of account holders.
To avoid any validation errors, make sure that an amount exists at Your share if there's an amount at the Total amount.
Early payment interest credit
|Complete the field.|
Interest on overpayment
|Complete the field.|
Delayed refund amount
|Complete the field.|
Totals do not include amounts where the country of residence is not Australia or one of its territories. Those amounts not integrated to the main return.
Tax provides functionality to share such income, and any TFN credits attached to it, with other returns.
The taxpayer's share of the total amounts entered integrates to the Interest item labels in the Individual return.
Three sets of fields are provided in this worksheet. To add extra entries, press [Ctrl+Insert] at any of the fields in the entry.
The fields in this worksheet accept cents. You must key the decimal point to avoid amounts being treated as whole dollars.
Share for this Return
This field is calculated by the system and will always be the amount that is added to the Total share for this return to be integrated to labels L and M in the main return.
Share account?: Entering Y at this field will open the Index of Joint owners. Details entered and recorded in this Index will be rolled over from year to year.
From this Index click New, the Share details screen will be displayed.
In the General tab, Share to: field click [F10] or click on the ellipsis to open the Select Return Index.
Select the return to receive the share.
Enter the percentage share for that return.
Click [F6] to save the entry.
Click Cancel to return to the index if there are no other returns to share this interest amount.
Edit or Delete Shared Interest Entries
Refer to Index of Joint Owners.
Joint Owner: Joint owner will only be displayed where Share account? is Y
When the worksheet is printed, the Host return will show the details of the transaction and the details of the Share return: the Return Code and Name of the taxpayer the interest was shared to.
The Sharee's return will show the details of the transaction and the details of the Host return: the Return Code and Name of the taxpayer the interest was shared from.
For non-residents (those taxpayers who are not Australian residents for tax purposes) do not include interest at this item where the financial institution deducted tax at source, as no further tax is payable on this income in Australia. However, if withholding tax was not deducted from the interest earned, then that interest should be entered at this item. When the estimate is prepared the interest income will be taxed at 10 cents in the dollar.
Early payment interest credit: This is the total amount of interest received from the ATO in respect of payments of various tax liabilities made 10 or more days before the payment was due. Where an early payment interest credit was claimed in the previous year's return, that amount will be rolled over to this field and be included in the Interest income declared for the current year.
Pre-fill this schedule using the Pre-fill manager. The Pre-fill Manager enables you to download pre-fill reports for clients using the Practitioner Lodgment Service (PLS). You can view these reports in PDF format, and populate the pre-fill information into the client's Tax return.
Tax Pre-fill is dependent on available ATO data. Validate the tax return by pressing F3 for a list of the imported values and any errors before lodgment.
A maximum number of 50 interest worksheets can be entered into Tax. For more than 50 records, it will be consolidated and sent to the ATO.
When consolidating the worksheets, it is grouped by country of residence when the dividends was paid