Lindsey maintains accounts at two different Australian banks, NAB and Suncorp. Lindsey has provided you with the followi
Posted: Sun May 29, 2022 8:25 pm
Lindsey maintains accounts at two
different Australian banks, NAB and Suncorp. Lindsey has provided
you with the following information in relation to interest he has
earned during the 2021 income year:
$
Lindsey opened his Suncorp access
account on 9 August 2020. When opening this bank account, Lindsey
did not have his tax file number (TFN) with him. He subsequently
forgot to provide the bank with his tax file number.
Accordingly, Suncorp deducted 47% (or
$15.55) in TFN withholding tax in respect of interest paid on this
account during the 2021 income year. The net remaining amount of
$17.54 (representing 53% of the gross interest of $33.09) was
credited to Lindsey's Suncorp access account.
Furthermore, on 1 April 2021, Lindsey invested $40,000 into a
six-month term deposit earning 1.50% interest with Suncorp with
interest to be paid on maturity. Interest of $300 is expected to be
deposited to his account upon maturity on 30 September 2021.
Lindsey has calculated that interest
of $150 has accrued as owing to him as at 30 June 2021 (comprising
three months of the $300 total interest x 3/6 months).
Calculate the amount that Lindsey
needs to include in his assessable income for the year ended 30
June 2021.
different Australian banks, NAB and Suncorp. Lindsey has provided
you with the following information in relation to interest he has
earned during the 2021 income year:
$
Lindsey opened his Suncorp access
account on 9 August 2020. When opening this bank account, Lindsey
did not have his tax file number (TFN) with him. He subsequently
forgot to provide the bank with his tax file number.
Accordingly, Suncorp deducted 47% (or
$15.55) in TFN withholding tax in respect of interest paid on this
account during the 2021 income year. The net remaining amount of
$17.54 (representing 53% of the gross interest of $33.09) was
credited to Lindsey's Suncorp access account.
Furthermore, on 1 April 2021, Lindsey invested $40,000 into a
six-month term deposit earning 1.50% interest with Suncorp with
interest to be paid on maturity. Interest of $300 is expected to be
deposited to his account upon maturity on 30 September 2021.
Lindsey has calculated that interest
of $150 has accrued as owing to him as at 30 June 2021 (comprising
three months of the $300 total interest x 3/6 months).
Calculate the amount that Lindsey
needs to include in his assessable income for the year ended 30
June 2021.