Interest Income

Corey maintains bank accounts at two different Australian banks. Corey has provided the following information in relation to interest he has earned during the 2018 income year:

$

• Westpac online savings account (total gross interest received) 122.48
• NAB access account (net of 47% TFN withholding tax - see below) 28.64
• NAB term deposit (year-end interest accrued for one month - see below) 250.00

Corey opened his NAB access account on 18 September 2017. When opening the bank account, Corey did not have his tax file number (TFN) with him. He subsequently forgot to provide the bank with his tax file number.

Accordingly, the bank has deducted 47% (or $25.40) in TFN withholding tax in respect of interest paid on this account during the 2018 income year. The net remaining amount of $28.64 (representing 53% of the gross interest which was owing) was credited to his NAB access account.

Furthermore, on 1 April 2018, Corey invested $40,000 into a six-month term deposit earning 2.50% interest with NAB with interest to be credited on maturity. Interest of $500.00 is expected to be credited to his bank account upon maturity on 30 September 2018. Corey has calculated that interest of $250.00 has accrued as owing to him as at 30 June 2018 in respect of this term deposit.

Calculate the amount that Corey needs to include in his assessable income for the year ended 30 June 2018.