See Item 10 - Gross interest income on the ATO website for further information.
Use the Interest income worksheet (int) to record the individual transactions and then share some or all of them with a joint account holder. Transaction amounts may be entered in dollars and cents. TFN amounts are shown in dollars and cents and total amounts in whole dollars at the return labels L and M when you close the int. See Interest Income worksheet (int) - Individuals.
There is a Quick access point to the Interest deductions worksheet (idd). The idd has been removed from Tax in 2019 due to the introduction of the ATO's new Deductions schedule.
From 1 July 2018, you should not use this Quick access point when preparing an individual return.
You can use the ATO's Pre-fill report to complete this item. Doing so will avoid the necessity of sharing this income with another taxpayer as the Pre-fill report contains only the taxpayer's share of that income.
Deductions relating to interest income should be entered at D7.
This is the total amount of interest received by the taxpayer from Australian sources, such as a financial institution, bank, credit union, building society, government securities, debentures, notes and deposits or earned in your children's accounts, the ATO (early payment interest credit) or any other source in Australia.
See Special circumstances and glossary on the ATO website for information regarding non-resident withholding tax.
This is the total amount of tax withheld for failure to quote a TFN. If the Interest income worksheet (int) is not used, key the amount to be included in assessable income. Show only the taxpayer's share of jointly held interest bearing accounts. The total amount of tax withheld cannot be more than 50% of the total interest amount.