Which of "Processed Date" or "Effective Date" as displayed on my bank statement or mobile banking app, is used by the ATO in determining when I received the funds? Obviously this is really only important at the end of the financial year.
Hi @robbiep,
For funds you receive in your bank account, it's the date the money becomes available to you that matters for tax purposes. This is typically when the funds clear and are accessible in your account, not when they're first processed by your bank.
The 'effective date' shown by your bank is usually when the transaction takes effect and the funds become available to you. The 'processed date' is when the bank finalises the transaction on their systems. The key date for determining when you received income is when you can actually access and use the money.
Hi @robbiep,
For funds you receive in your bank account, it's the date the money becomes available to you that matters for tax purposes. This is typically when the funds clear and are accessible in your account, not when they're first processed by your bank.
The 'effective date' shown by your bank is usually when the transaction takes effect and the funds become available to you. The 'processed date' is when the bank finalises the transaction on their systems. The key date for determining when you received income is when you can actually access and use the money.
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