E-tax and Income – Gross interest. You have to wait!

OK! all you E-tax fans get ready for the latest.  Screen 1302, Income – Gross interest.  This is where you enter what interest was paid to you from your financial institution, that typically pay around 0.5% interest.  If your total interest paid is less than $1 then you do not have to declare interest paid.

Well I got to this stage and you cannot enter the amount of interest that was paid.  You have to wait for your bank, building society etc. to send the details to the ATO.  Once the ATO has the details you can then pre-fill your return which will supposedly have all the correct amounts.  You then specify what percentage is yours, if it’s a joint account.

The problem with this is I’m ready to finalise my tax return but the financial institutions have until the 15 August to post the amounts to the ATO so I now have to wait.  Apparently this is a new thing that the ATO brought into E-tax this year.

I was on the phone to the ATO for 45 minutes this morning to sort this out. Even the people at the ATO did not know about this.  I was passed onto many layers of the ATO to find out.  Shouldn’t all the people employed in the E-tax department know?  Obviously not!

So no-one is able to complete their E-tax until their financial institution posts all interest paid to the ATO.  Good luck in waiting if you want to complete your return now.

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6 Responses to E-tax and Income – Gross interest. You have to wait!

  1. Shane Braun says:

    I have done my section. You can log into your online accounts and get this amount from your bank and enter it in manually

  2. Did you enter the amount into E-tax as I am unable to and the ATO sais you can not enter any amount in as the information has to come from the finance institution. It seems the appliction will not allow input of that field.


  3. Shane Braun says:

    Read your first screenshot again…. You don’t need it for manual entries….

  4. Thanks Shane Braun I was thinking column two was a percentage and not the actual amount of interest received.

  5. I Just receive my refund today in my bank account. I’m happy with that. It is much easier, quicker and cheaper than going to an accountant and I actually get more refunded. All of it is legit. I have proof.

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