If you have an Online Savings Account, Term Deposit or an InterestME Savings Account that earns interest, or a home loan for an investment property, you may need to declare the amount of interest you received and paid in the financial year, as part of your personal tax return. 

For savings and home loan accounts, on your account statement ending in June you will find the total yearly interest amount in the top right corner. If you’re registered for online statements, we’ll send you an email as soon as these are available. You can also check out our article for help finding your statements in the mobile app or internet banking. 

When to expect your statements: 

Online Savings Account – Twice a year after June and December.

InterestME Savings Account – Quarterly after June, September, December and March.

Term Deposit – Only available on terms of seven months or longer, issued six months from start date, rollover date or previous statement date. For all terms, an interest summary letter is provided at maturity. You can view these letters in internet banking under ‘Accounts’.

Flexible, Basic, Standard and Interest Only Investment Home Loans – Twice a year after June and December.

Ultimate Offset Home Loans and Transaction Accounts – Monthly

If you’re eager to do your tax return sooner, you can use internet banking and Excel to add this up yourself. This might be easier on a desktop, but you can do this using a mobile device too, through a browser such as Chrome or Safari. 

How to calculate interest you received:

  1. Log in to internet banking

  2. Click the account you received interest in. 
  3. Click ‘Advanced search’ 
  4. Select ‘Credits only’ 
  5. Enter the dates of the relevant financial year. For example, if you’re completing your tax return in July 2021, you will need to search from 1 July 2020 to 30 June 2021. 
  6. Type the word ‘interest’ and hit search
  7. Scroll down to check you see all the relevant months on your screen. If you received a lot of payments, you may need to increase the list of transactions shown. 
  8. Click ‘Export viewed’
  9. Select ‘Comma separated values .CSV’ as the format. This format can be used in any spreadsheet program such as Microsoft Excel or Google Sheets. 
  10. In your chosen program, open the .CSV file you downloaded. 
  11. Click and drag to highlight all the amounts. In the bottom right of the screen, you will see the ‘Sum’ amount listed. This is the total interest paid in this account. 
  12. Repeat this process for each of your savings accounts. 

How to calculate interest you paid:

  1. Log in to internet banking
  2. Click the account you received interest in. 
  3. Click ‘Advanced search’ 
  4. Select ‘Debits only’ 
  5. Enter the dates of the relevant financial year. For example, if you’re completing your tax return in July 2021, you will need to search from 1 July 2020 to 30 June 2021. 
  6. Type the word ‘interest’ and hit search
  7. Scroll down to check you see all the relevant months on your screen. If you received a lot of payments, you may need to increase the list of transactions shown. 
  8. Click ‘Export viewed’
  9. Select ‘Comma separated values .CSV’ as the format. This format can be used in any spreadsheet program such as Microsoft Excel or Google Sheets. 
  10. In your chosen program, open the .CSV file you downloaded. 
  11. Click and drag to highlight all the amounts. In the bottom right of the screen, you will see the ‘Sum’ amount listed. This is the total interest paid in this account. 
  12. Repeat this process for each of your investment home loans.  


 


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