Hi all
I paid a 5% deposit on a property around May this year. The real estate agent opened an account in my name and the vendor's name, and held the deposit until settlement. I was provided with a bank cheque for 50% of the interest earned on the deposit a few days before the financial year. I am yet to bank the cheque, I should get around to it this week.
2 questions:
1. Do I report this interest in my tax return for the financial year ended 30 June 2010 ie: the year in which it was derived, or should I be claiming it in next year's return (ie the year in which I bank the cheque)?
2. I assume I would just report it was interest income in the main part of hte tax return?
Thanks!
I paid a 5% deposit on a property around May this year. The real estate agent opened an account in my name and the vendor's name, and held the deposit until settlement. I was provided with a bank cheque for 50% of the interest earned on the deposit a few days before the financial year. I am yet to bank the cheque, I should get around to it this week.
2 questions:
1. Do I report this interest in my tax return for the financial year ended 30 June 2010 ie: the year in which it was derived, or should I be claiming it in next year's return (ie the year in which I bank the cheque)?
2. I assume I would just report it was interest income in the main part of hte tax return?
Thanks!