Australia only:Does the Australian Tax Office check income earned in savings/bank accounts?

Question

Does the ATO check income earned in bank accounts?

Answer 1

income earned? dont you mean intrest earned in an account?

all intrest needs to be delcared and taxed.

Answer 2

If you receive large amounts of interest, then the ATO does want to know.  From my experience, the majority of tax agents write the small amounts of interest off against your bank fees.

Answer 3

yes

Answer 4

They can it really depends on the amount in your accounts.

When it comes to the ATO they will eventually get you even if it's in 20 years.

Answer 5

Yes. All banks and other financial institutions provide details of interest and dividends paid to the ATO each year.  This is then matched against individual tax returns using your TFN.