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Re: no interest income from joint account

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I am listed on a joint bank account  with a family member but do not receive any of the interest income from this account and the funds in the account do not belong to me. I am having to declare 50% of the income as interest. How do i change it so the ato will let me declare 0% of the interest?

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Hi @greencweed

I found information on the ATO website in regards to interest www.ato.gov.au/Individuals/Data-matching-letters/Types-of-letters/Interest-income/Declare-interest-c...
Joint accounts

We assume joint account holders have equal beneficial ownership of the funds, and therefore apportion the interest earned or paid equally between all account holders (for example, 50% each for two account holders or 25% each for four account holders).

If the actual beneficial ownership of the account is not in equal shares, you will need to provide documentation that demonstrates your share. The documentation should show:

the source of the funds (for example, bank deposit records)
the proportion and nature of the contributions
who used the funds and interest.
The page is for when you receive an audit letter, I'm thinking this is a good page because if you lodge showing 50% share and then amend it to zero, and then through data matching we see a different amount then you will need to provide evidence.
If you need to amend the return you can do that via MyGov, if you used an agent you can request they amend the return or there is a form, please see www.ato.gov.au/general/correct-a-mistake-or-amend-a-return/
Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time
Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time
1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee

Replies 0

Hi @greencweed

I found information on the ATO website in regards to interest www.ato.gov.au/Individuals/Data-matching-letters/Types-of-letters/Interest-income/Declare-interest-c...
Joint accounts

We assume joint account holders have equal beneficial ownership of the funds, and therefore apportion the interest earned or paid equally between all account holders (for example, 50% each for two account holders or 25% each for four account holders).

If the actual beneficial ownership of the account is not in equal shares, you will need to provide documentation that demonstrates your share. The documentation should show:

the source of the funds (for example, bank deposit records)
the proportion and nature of the contributions
who used the funds and interest.
The page is for when you receive an audit letter, I'm thinking this is a good page because if you lodge showing 50% share and then amend it to zero, and then through data matching we see a different amount then you will need to provide evidence.
If you need to amend the return you can do that via MyGov, if you used an agent you can request they amend the return or there is a form, please see www.ato.gov.au/general/correct-a-mistake-or-amend-a-return/
Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time
Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time
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