On 28 July 2022, Gareth deposited $30,000 in a six-month term deposit with Macquarie Bank paying 4%
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On 28 July 2022, Gareth deposited $30,000 in a six-month term deposit with Macquarie Bank paying 4% p.a. interest. Rather than receiving the interest on the maturity of the term deposit on 28 January 2023, Gareth elected to roll over the interest of $600 together with the principal of $30,000 for a further six months to mature on 28 July 2023. Gareth estimates that approximately $510 in interest would be accruing on this new term deposit from 28January 2023 to 30 June 2023.
Macquarie Bank term deposit (gross interest) $1,110
Is this an assessable income?
Reasons and evidence? (what section in Australia law)
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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