Claiming Bank Account Fees

(last updated 27/03/2014)

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Most financial institutions charge account-keeping fees. You can claim these fees where the account was held for investment purposes, for example, a cash management account, since the fee would relate to earning of interest income. You will find these fees listed on your statements or in your passbooks. See this post for a checklist of eTax and Assessable income.

What you can claim:

  • You can claim a deduction for Financial Institutions Duty that relates to the direct depositing of salary, wages, allowances or payments into your bank account. 
  • You can also claim a deduction for government duties tax or debits tax charged on any outgoing from your bank account where the transaction related to an allowable deduction - for example, work related expenses. See this post for a checklist of eTax and Allowable Deductions

What you can't claim:

  • You cannot claim a deduction for other bank fees that relate to transactions for private expenditure.

Apportioning expenses

If you were not the sole holder of an account you can only claim your share of fees, charges or taxes on the account. For example, if you held an equal share in an account with your spouse, you can only claim half of any allowable account-keeping fees paid on that account.

E-tax Return

See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:
Web Based Tax Return App:

A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.

Our Web Based Tax Return App will step you through all the necessary questions to increase your  tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started! 

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