$100k Capital Investment and tax returns
#1
$100k Capital Investment and tax returns
hi there
for those who used the 100k investment for the extra 5 pts in the past years, were you sent a statement which specifically showed how much interest you earned for the previous financial year? (eg up to June 30, 2007?)
or are you expected to compute this pro-rated on your own when submitting annual tax returns?
thanks!
for those who used the 100k investment for the extra 5 pts in the past years, were you sent a statement which specifically showed how much interest you earned for the previous financial year? (eg up to June 30, 2007?)
or are you expected to compute this pro-rated on your own when submitting annual tax returns?
thanks!
#2
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: $100k Capital Investment and tax returns
I think you'll find interest income is assessed in Australia on a received basis, rather than a receivable basis ...
Best regards.
Best regards.
#3
Re: $100k Capital Investment and tax returns
You declare the interest in the financial year you earned it, there's no pro-rata equivalent.
#4
Re: $100k Capital Investment and tax returns
Thanks for the replies guys!
that clarifies it, i thought i had to compute how much that i am supposed to receive at the end of the term...
its a lot simpler to just declare the first 6 months interest payment they gave me so far back in May 2007..
that clarifies it, i thought i had to compute how much that i am supposed to receive at the end of the term...
its a lot simpler to just declare the first 6 months interest payment they gave me so far back in May 2007..