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$100k Capital Investment and tax returns

$100k Capital Investment and tax returns

Old Sep 15th 2007, 10:23 pm
  #1  
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Default $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!

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Old Sep 16th 2007, 11:58 am
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Default 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 ...

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Old Sep 16th 2007, 12:12 pm
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Default Re: $100k Capital Investment and tax returns

You declare the interest in the financial year you earned it, there's no pro-rata equivalent.
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Old Sep 16th 2007, 10:56 pm
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Default 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..

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