Annual Investment Income Reporting Details
Information for Australian businesses paying investment income to Australian and non-resident investors. If you are not sure if you are an investment body or you are new to this area contact Maitland Accountants today to discuss how we can help you.
When you need to have an AIIR:
- If the total amount of income paid or credited to the investment is $1 or more and the total number of investments accepted by the investment body during the year is 10 or more, or
- In respect of any investment from which an amount has been withheld because a tax file number, Australian business number or exemption was not quoted, or where non-resident withholding has occurred.
In the case of a company which has accepted less than 10 investments and has paid $1 or more in income, a Dividends and interest schedule 2012 is required.Non-resident income other than investment income (for example, royalties) should be reported in the PAYG withholding from interest, dividend and royalty payments paid to non-residents – annual report.
What you need to do if you have an AIIR:
- Accept and record tax file number (TFN) or Australian business number (ABN) quotations, and claims for exemption from quoting
- Report to the ATO quotations of TFNs/ABNs made in a given quarter in a quarterly TFN/ABN report
- Correct TFNs/ABNs and/or action investor ‘deemed not to have quoted’ cases on advice from the ATO
- Withhold and pay amounts to the ATO from investment income payments made to investors who have chosen not to quote either their TFN, ABN or claim an exemption, and
- Provide to the ATO an AIIR
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