Business and Investment Income

Not available in Accountants Office

The dialog is used for entering all the information regarding that part of a taxpayer's income that is NOT derived from Sole Trader (business) activities.

This dialog provides access to:

• Bonuses

• Non-primary Production Income Details

• Other Income 

Interest Income

Interest: If a taxpayer received interest from a bank, credit union, building society, government securities, debentures, notes and deposits or children's accounts, the Tax Office or any other source in Australia, enter the total amount of interest received at this field. The amount at this field corresponds to the Interest field of an individual tax return form. If the taxpayer is a Non-resident tax on interest income will be calculated at 10%.

TFN Tax Paid: Enter the amount of tax withheld for failure to quote a tax file number.

Dividend Income

Unfranked Dividends: Enter the amount of unfranked dividends received. The amount in this field corresponds to the unfranked Dividends field of an individual tax return form.

TFN Tax Paid: Enter the amount of tax withheld where the dividend provider failed to quote a tax file number. The amount in this field corresponds to the Dividends field of an individual tax return form.

Franked Dividends: Enter the total amount of franked dividends received. The amount of franked dividends is detailed on the statement sent to the taxpayer by the company which paid the dividends.

Franking Credit: Enter the amount of the franking credit attached to the dividend entered in the previous field. The franking credit represents the part of company profits that have been paid as company tax. This amount is grossed up and then given as a credit to ensure the income is taxed at the standard resident rates.

Withholding Tax (non-residents only): Applicable to non-residents only. Select the rate at which tax to be calculated in the estimate on unfranked dividends. Although the rate can vary, the withholding rate on dividends is generally 15%.

Interest and Dividend Income Deductions

Interest: Enter the amount of the expenses incurred in earning the interest. Deductions may be claimed against interest income only if a taxpayer can demonstrate that the deduction relates to the earning of assessable income.

Dividends: Enter the amount of the expenses incurred in generating dividend income, for example interest payable on moneys borrowed to purchase shares, brokerage, etc. Deductions may be claimed against dividends received only if a taxpayer can demonstrate that the deduction relates to the earning of assessable income.

Rental Income

Net Rent: Enter the amount of net rent income or loss. The amount in this field corresponds to the Rent item in an individual tax return form.