David has a 12-month term deposit account with XYZ Bank. During the year ended 30 June 2022, the Bank paid David interest at the end of the 12 months period. As David was away in June 2022, he did not receive the advice of the interest paid for the past year until August 2022. The amount of interest was $257.50. How much should David declare as assessable income in the year ended 30 June 2022? What are his options?

Answer rating: 100% (QA)

In the year ended 30 June 2022 David should declare as assessable income the interest earned on his ... View the full answer