Yes, tax time can be stressful but we’d like to think we can help you minimise some of the pressures by making it easy for you to get the crucial information you need to help you complete your return.
According to the Australian Tax Office (ATO), if you are an Australian resident and earn interest, you must declare it as income.
Interest earned may include interest you earned from financial institution accounts and term deposits, as well as interest earned from a child’s savings account you opened or operated.1
In the case of a joint account, the ATO assumes ‘joint account holders have equal beneficial ownership of funds2’, so don’t forget to apportion your share of the interest earned on any joint account you hold.
Your B&E interest earned details can easily be accessed via your internet banking login. Simply login to internet banking and from your home screen, navigate to ‘Accounts’ and click on ‘Interest’. Instantly, your interest is ready for you to record. You can even print a copy. Just click on the printer icon in the top right-hand corner of the red banner.
If you have opted to receive estatements you can view up to two years of your statements online. As per your interest details, they can be easily printed if necessary.
If you are not registered for internet banking, simply click on the link below and complete the registration form. Note: You will need your B&E client number to complete the form.
Helpful tax time resources
Please note that the information provided is general information only and does not take into account your personal circumstances. We recommend that you seek independent professional tax advice about your specific circumstances.
1The parent (or guardian) owns the funds if they deposited the money and spend it as they like, whether or not they spend the money on resources for the child – therefore the parent includes the interest in their tax return.
2For example, 50% each for two account holders or 25% each for four account holders.