Why Do I Need a Tax File Number (TFN)

It is not compulsory to have a TFN, however, if you do not have one you may have more tax withheld than you need to or be unable to receive government benefits you are entitled to.

A TFN will help if you:
  • lodge a tax return
  • ask us about your tax affairs
  • apply for income assistance or support payments, such as pensions or benefits from either Centrelink or the Department of Veterans’ Affairs (DVA)
  • claim family tax benefit (FTB) – your FTB tax claim cannot be processed without it
  • make or receive payments under the pay as you go (PAYG) withholding system
  • start work or change jobs
  • need to submit a completed Tax file number declaration (NAT 3092) or a Withholding declaration (NAT 3093) form
  • have savings accounts or investments that earn income – for example, interest or dividends
  • receive a payment under the Higher Education Loan Programme
  • join a superannuation fund
  • are a member of a partnership or trust
  • have an active Child Support Agency case
  • are a non-resident living outside Australia with a business interest in Australia
  • are a sole trader
  • are a company director, trustee or public officer of an entity applying for an Australian business number (ABN)
  • are an office bearer for a charity or non-profit organisation applying for an ABN, or
  • receive royalty payments.

FREE fact sheet on applying for and using a Tax File Number ==> Tax File Number

Copyright 2014. My Tax Zone.