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Do I have to declare interest on my tax return?

Yes, you must declare all the interest you receive or are credited with from any source within Australia. This includes interest earned from financial institution accounts and term deposits as well as interest that the ATO pays or credits to you.

You must also declare interest from a child’s account on your return if the funds in that account belonged to you or you spent the funds as if they belonged to you.

If you are a foreign resident, you do not need to declare interest on your tax return as all Australian-sourced interest, dividends, and royalties derived after you ceased to be an Australian resident are subject to the withholding tax provisions as a final tax.