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Item 11 - Gross interest

To record the details of the interest transactions, use the Interest worksheet (int). Transactions may be entered in dollars and cents while the total will be rounded on integration to the main return. Refer to 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; to finance business operations; or to meet current business expenses. This includes interest from financial arrangements subject to the TOFA rule

Sharing of the Interest and TFN credits for jointly owned accounts is provided in the Interest Income worksheet (int).

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