This worksheet records the:
- details of interest you've received from different sources during the financial year, and
- TFN withholding amounts that may have been deducted because of failure to give the bank a TFN.
You'll find the worksheet at:
- Company: item 6 label F gross interest
- Fund: item 10 label C gross interest
- Partnership: item 11 label J gross Interest (including Australian government loan interest)
- SMSF: item 11 label C gross Interest
- Trust: item 11 label J gross Interest (including Australian Government loan interest)
- Preparation > Schedules > Interest income.
What do you need to be able to fill in this worksheet?
You'll need bank and all financial institution statements showing the amount of interest received from all sources, including interest received from or credited by:
- an associate
- a shareholder
- an associate of a shareholder.
When completing the $ amount fields:
- All the $ fields accept cents, you must enter the decimal point before the cents
We'll only round the interest received amounts
TFN amounts are shown in dollars and cents and the total isn't rounded
We'll filter the amounts to the relevant labels in the income tax return.
Financial institution, branch and account number
|These are needed for record keeping purposes.|
Three sets of fields are provided. Press Ctrl+Insert to create additional sets of fields or Ctrl+Delete to delete unwanted inserted groups.
The amount of tax withheld for failing to quote a tax file number (TFN).
We include the total TFN amount withheld as a credit against tax payable in the taxpayer's F4 estimate.
|Interest $||Gross: The full amount of the interest income received from the financial institution or loan repayment.|
|Apportioned: The amount earned by the taxpayer. If it's not shared, you'll see the full amount.|
If you hold a joint account with another taxpayer, entering Y opens the Index of Joint Owners (the Sharees). See sharing interest income below.
|Early payment interest credit|
The total amount of interest received from the ATO when you pay your various tax liabilities ten or more days before the due date for payment.
We save this amount from the previous year and then roll it forward into the int worksheet for inclusion in taxable income in the following year.
|Total share for this return|
Shows the amount for the taxpayer's return.
We filter this amount to the labels in the relevant return and include it in taxable income.
Enter a description for the type of deduction and its amount. Press Ctrl+Insert to create additional sets of fields or Ctrl+Delete to delete excess inserted groups.
|Total interest deductions|
This is the total of all interest deduction transactions.
There are differences in the way we treat the total interest deductions in some returns. See Interest income and deductions integration to return labels.
If you select Y at Share Account? follow these steps to create the share transaction details:
- From the Index of Joint Owners window, click New. The Share details window opens.
- In the General tab, press F10 in the Share to : field or click the ellipsis (...) to open the Select return index.
- Select the return that is to receive the share.
- Enter the percentage share for the taxpayer receiving the share (the Sharee).
- Press F6 to save the entry, then click Cancel to return to the index.
- Click Close if there are no other joint owners. Otherwise select New and repeat steps 2 to 5.
- We'll filter the taxpayer's share through to the labels in the relevant income tax return.
- We'll create a Received from interest transaction in the Sharee's return.
See Index of Joint Owners to learn how to edit or delete shared transaction entries.
- The return of the taxpayer receiving the share must be at a status of In progress AND have a TFN.
- If you've shared a transaction, you can't edit it in the sharee's return. You'll need to make any changes in the return of the taxpayer making the share (the host).
The Interest worksheet (Entities) applies to all non-individual entities. The table below shows the item numbers and labels that auto-fill when you close the worksheet for the relevant return
Only some Deductions labels can be pre-filled. Read the extra instructions in the Deductions column for any action needed by you.
|Interest received label||TFN withheld label||Deductions label|
Item 6: Label F—Gross interest
|Calculation Statement: Label H4—Tax withheld from interest and investments|
You'll need to split Interest expenses into Within Australia and Overseas, labels V and J.
Item 10: Label C—Gross interest
Calculation Statement: Label H3—Credit for tax w/held–ABN/TFN not quoted (non-individual)
You'll need to split interest expenses into Within Australia and Overseas, labels A and B.
|Partnership||Item 11: Label J—Gross interest–including Australian government loan interest||Item 11: Label I—TFN amounts withheld from gross interest|
Deductions relating to Australian investment income worksheet dai. The amounts from the dai filter through to Item 16: Label P—Deductions relating to Australian investment income.
|SMSF||Item 11: Label C—Gross interest||Calculation Statement: Label H3—Credit for tax w/held–ABN/TFN not quoted (non-individual)||No integration.You'll need to split interest expenses into Within Australia and Overseas, Item 12: Labels A1/A2 and B1/B2 as either deductible or non-deductible.|
|Trust||Item 11: Label J—Gross interest–including Australian government loan interest||Item 11: Label I—TFN amounts withheld from gross interest||Deductions relating to Australian investment income worksheet dai. The amounts from the dai filter through to Item 16: Label P—Deductions relating to Australian investment income.|
When you print a worksheet:
- the host return window shows:
- the host's share of the interest received
- the name, share percentage and return code of the return shared to the sharee's return
- the sharee return shows:
- the sharee's share of the interest received
- the name, share percentage and return code of the return.