The Interest and Dividend Deductions Schedule (BJ) must be completed where the total interest and dividend deductions being claimed at Items D7 and D8 exceed $4,999. For deductions less than $4,999 the BJ schedule is optional.
Each expense making up the amount must be itemised in the BJ and lodged with the return via ELS. Click [Ctrl+Insert] or [Alt+Insert] to create a new block of fields. The types of expenses might include: Expenses that should NOT be included are: amounts for debits and duty tax on withdrawals relating to an account kept as an essential part of a business. Show these at item P8 expenses incurred in earning foreign source interest or dividends. Show these at item 20 debt deductions. Show these at item D15
The fields provided on Schedule BJ are: | Field | Description |
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| Description of interest or dividend expense: | Provide a description of the type of expense, for example Shares. Up to 76 characters can be entered. | | Name of product or investment | Provide a description of the product or investment, for example Telstra Shares. | | Name of Payee: Payee Type | If the payee is an individual, type I. If the Payee is a Company or Institution, type C. Depending on the code selected, the relevant name fields will be opened. | | Investment code | Select the relevant code from the list. Valid codes are: BL: Bonds - Linked Bonds and Notes (including return linked to shares, bank bills, exchanges rates, etc.) BO: Bonds/Notes - Other CN: Convertible Notes CP: Converting Preference Shares IR: Instalment Receipts MA: Managed Funds/Trusts - Allocated pensions and Annuities MF: Managed Funds/Trusts - Friendly Society Bonds MI: Managed Funds/Trusts - Insurance Bonds MO: Managed Funds/Trusts - Other (Equity, Income, Growth, Property and MultiSector) MS: Managed Funds/Trusts - Superannuation OT: Other RP: Loans to Related Parties / Entities / Associates SC: Shares - Capital Protected Loan Products SL: Securities Lending Arrangements SM: Shares - Margin Lending SO: Shares - Other SS: Stapled Securities WA: Warrants
| | Is this a payment in Advance? | If the payment was made ahead of time, select Y from the list. Otherwise select N. | | Amount claimed as interest deduction | Enter the amount of the expense incurred. | | Amount claimed as dividend deduction: | Enter the amount of the expense incurred. |
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| Deductions may be claimed against interest income only if a taxpayer can demonstrate that the allowable deduction relates to the earning of that income. The interest deduction is entered in whole dollars only. |
For a PDF version of the Interest and Dividends Deductions (BJ) schedule showing ELS tags and Tax codes click this link - Interest and Dividend Deductions-BJ.pdf
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