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TD 92/106 explains that for income tax purposes, interest income on a joint bank account is assessed to the persons who are beneficially entitled to the income. Joint account holders are presumed to have joint beneficial ownership in equal shares unless rebutted by evidence to the contrary.

TD 92/106 is replaced by Taxation Determination TD 2017/11 issued on 26 April 2017 which consolidates the ATO's views on who is assessed on interest on bank accounts. Further guidance on declaring interest on joint bank accounts is also available on www.ato.gov.au .