How does your interest earnt from your bank account get taxed?

I.e. Do I have to send in my bank statement showing the interest earnt when I file my tax?





How much is it taxed by and how much can i get back etc etc?





(I am refering to Australian Tax)





Thanks
How does your interest earnt from your bank account get taxed?
You just write how much interest you earned for the financial year, as well as any tax the bank may have taken out of your interest if you didn't provide the bank with your tax file number, in your tax return under Interest Income. It gets added into the rest of your income in your tax return... and you pay tax on your taxable income in your tax return, which is reduced by any tax credits you have (from paying taxes out of wages, or out of bank interest already)... and you end up with a reconciliation on your Notice of Assessment from the ATO which may show either a tax payable or tax refund amount.
Reply:In short, Interest is taxed along with all your other income at the Marginal Rate.


If you have provided the Institution with your TFN then no tax will have been deducted from the interest.


The amount of interest is declared at item 10 Label L.


Any tax withheld is shown at Label M





Be careful however as Financial Institutions are required to provide the ATO with details, so don't understate that source of income.
Reply:The bank sends you a 1099-INT showing the amount of interest and this is included in your income.
fantasy name