What happens if I do not tell you my Tax File Number?
If your bank doesn't have your tax file number (TFN) it will withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return. Contact us if the withholding tax is charged in the current financial year.
You don't need to provide your TFN if:
- you are under 16 years of age
- the account is in your name, and
- the account earns less than $420 interest each year.
If you are under 18 years old on 30 June of a financial year, your interest may be taxed under the special high tax rates for minors.
How to check if you have told us your TFN
Call us to check you’ve told us your TFN or TFN exemption.
Tips for tax time