Can negative interest rates be deducted from taxes?

Negative interest rates and costs for managing movable private assets

PostFinance has recently started sending its customers a letter containing "tax-relevant" information. This is the "Fee Statement for the 2021 tax year". The letter contains the costs for account management, expenses and credit fees. summed up.

Balance fees reflect the -0.75% interest, which various banks from certain assetsthat are in accounts, pass on to their customers. The Zürcher Kantonalbank also shows “deductible expenses” on the account statements.

• What can be deducted?
• Where should you claim this in your tax return? For example, under 16.3 in the tax return for the Canton of Zurich, “Costs for the management of movable private assets?”

The employees of Simpletax GmbH have often been confronted with this question. The information from the cantonal tax office of the canton of Zurich dated February 23.2.2022, XNUMX was:

The following extract from an assessment decision applies: «A flat rate of 3o/oo (3 per mille) of the declared securities assets managed by third parties can be claimed up to a maximum of CHF 6000. Securities are considered to be shares, bonds and financial products such as investment funds. Balances on bank accounts and savings books as well as loans, trust assets, fixed-term deposits and investments in own companies are not eligible. Further details can be found in the guideline and the directive on the deductibility of costs for the management of securities in private assets dated August 08, 2002, ZStB I No. 18/701, which can be found under www.steueramt.zh.ch is available, can be taken from»

Source: Tax Office of the Canton of Zurich

Should negative interest rates be treated like debt?

Negative interest rates on deposits at banks or savings banks represent deductible asset management costs in private assets. Negative interest rates do not qualify as debt interest, as they are levied on assets and not on debts. They are incurred in connection with the management of movable capital assets and thus represent asset management costs Further details on the deduction of asset management costs can be found in the Cantonal Tax Office’s instructions on the deductibility of costs for the management of private assets.

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Furthermore, the following applies:

• Asset management costs that are identified as such are deductible.
• All other fees are not permitted in all cantons and definitely not in the cantons of Zurich and Aargau.

Have your tax return filled out and asset management costs deducted

The Simpletax We handle the complete tax administration for you professionally and ensure that all deductions, including negative interest, are taken into account. Book an appointment for your tax return here.