interest payments declarations question

[jasminealaddin]

Hi
This year is the first year that I have had to submit a tax return. I am intrigued why the IR ask you to put down all interest payments from savings accounts on your form as I was under the impression that all banks/building socs have to send all info on interest paid out to the IR anyway. Have I misunderstood something? Thanks Jasmine

[deanshepherd]

If only the system were so efficient!!

In my experience, different tax offices struggle to share information with each other let alone completely seperate institutions.


Dean

[King_Maker]

And there are de minimis limits, so "small" amounts of interest are not always reported, IIRC.