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  1. #1
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    Default ETAX Help - Gross income question

    Im a little stuck on Question 10 (Gross interest).

    I'm not sure if I need to provide the interest I earned on my 'everyday' account for the financial year? My bank paid into my account less than $1.00 as "interest earned" (as they do with every customer). The savings account is not my home loan account or anything....its just where my payroll goes into and bills come out of..

    Do I need to select YES and provide the $1.00 as interest (it will not let me go below $1.00....as my interest earned was less)?

  2. #2
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    Yes, all interest earned is income, I think mine came to a grand total of $8.

  3. #3
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    And in etax I know I could put in less than a dollar, but I guess you're using mytax? So on second thoughts if you can't put in less than a dollar I wouldn't put it in.

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    emma26  (09-07-2015)

  5. #4
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    Thank you so much! I went back and this time it let me put in less than $1.00. BUT now ive hit another snag.
    Question D7 - Interest Deductions - Did you have any expenses incurred in earning any interest you declared at item 10. So I clicked YES, but it came up saying that I haven't declared any interest earned in 'Gross interest'. So obviously im meant to answer NO???

    Ohhh I've done ETAX many years but this year seems a little harder...

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    Interest less than $1.00 can be omitted.

    "No" to deductions in earning the interest. As an everyday account you may have had bank charges etc but these are costs of having the account and weren't incurred for the main purpose of earning interest.

    Hope that helps!

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    emma26  (09-07-2015)

  8. #6
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    Perfect!!!! Thank you so much for your help!.. Its all coming back now! This will teach me not to do my taxes when tired....


 

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