- Any of these gross interests of Gareth are assessable income: Suncorp $219, Suncorp $211, Macquarie $1,110 (in what each of these are label L or label M, reasons and evidence for each of these categories if it is assessable or not like in what quote in what section of Australia income tax law? total interest assessable $, TFN withheld $ and the total for all $ ?)

Gareth maintains several bank accounts. He provides you with the following information in relation to interest earned during the 2022/23 income year:

Suncorp Bank savings account (net interest) $219

(TFN withholding tax of $211 deducted by bank -refer to note (a)

Macquarie Bank term deposit (gross interest)-refer to note (b) $1,110

Notes:

a. Gareth opened his Suncorp Bank savings account on 15 July 2022 as they offered a higher interest rate than her previous bank. When opening the bank account, Gareth was in a hurry and inadvertently forgot to provide the bank with his tax file number. Accordingly, for the 2022/23 income year Suncorp bank has deducted 49% (or $211) TFN withholding tax in respect of the interest earned. The net amount of $219 was credited to his account.

b. 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 rollover 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.

Addition Information:

Gareth is an Australian resident, 49 years old, he is an employee teacher working for Brisbane Secondary College and has been working as an English teacher since he completed his Diploma 15 years ago. Gareth is completing a Master of Education at Griffith part-time. He attended classes two nights a week during each Semester. He lives with his defacto partner Tracey and they have no dependants. Tracey owns the house at St Lucia and purchased it back in 2013.

Gareth wants to use the diminishing value method to calculate any decline in value deduction claims and he does not wish to pool any low value assets.

Gareth is not registered for GST.

Gareth does not have any health insurance.

Gareth does not want to use electronic funds transfer (EFT) if he is entitled to a refund.

Assumed that the details given are all of Gareths receipts and expenditure for the 2022/23 income year, and that all of his expenses are properly substantiated.

Gareth does not have a HECS/HELP debt, nor does he have a financial supplement debt or any post-graduate FEE-HELP debt.

Gareth did not receive any trust distributions.