I know it sounds simple, yet many taxpayers ignore those small amounts and in the end it costs them.
The Australian Taxation Office (ATO) are advised by all banking institutions of interest they have paid on accounts held, so eventually the ATO will catch up with you.
When that happens the ATO will issue you with an amended assessment of your income tax for the relevant year and may impose a penalty or interest on the amount outstanding…eeck!
The easiest way to avoid this situation is to access your internet banking for all bank accounts after the end of the financial year and print a summary of your accounts to provide to your accountant – so easy!
Go on, put a note in your diary and make me a happy accountant!