TFN - Tax File Number - is a unique identity number you get from the government. Tax returns, benefit payments and superannuation services are all done through this service. It is also required to apply for an Australian Business Number and to open a bank account.
Keep your Unique Tax File Number Safe!!
Your 9-digit TFN is exceptional to you, so you should never let any other individual use it. It is private. There is by and large no motivation to allow anybody at any point to see your Tax File Number, besides in a couple of cases we will cover below.
Your TFN is like your driver’s licence – it is YOURS and it is private. Try not to lose it, and do not allow others to have it.
When do I need a Tax File Number?
Any time you start a new job, you need a Tax File Number. Registration for one should be done before starting your new job so that you can give your new employer your number right away. You could be taxed at a higher rate than you should be if you do not give it to them.
Tax File Number Declaration Form
Each new employer gives you a Tax File Number Declaration Form to complete when you start. You give your TFN to your employer in this form. It likewise poses inquiries about your residency status and other tax related inquiries. Your employer will utilize this information to work out how much tax you should pay.
Do you have more than one job?
It is important to understand that you should only claim the tax-free threshold amount from only one employer in any given year! If you claim it from multiple employers, you will not pay enough tax during the year, and you could end up with a tax bill to pay back at tax period.
Do I need a tax file number for anything else?
There are a few other instances you might need your tax file number. If you need claim government allowances or benefits, like Family Tax Benefit and other Centrelink payments. If you need to open a new bank account or applying for an Australian Business Number.
How do I apply for a tax file number? What is the TFN application process?
You can submit a Tax File Number application online on the government’s myGov website or in person at a post office. You can also ask your tax agent to do a TFN application for you.
How long does it take to get a TFN?
Your tax file number should arrive in 10 days after you apply, but you may have to wait up to 28 days before you receive it.
Other ways to find your TFN:
The Notice of Assessment letter you receive from the ATO once you have lodged your tax return. Superannuation statements. Your payslips, ask your employer, check with your bank or contact the ATO.
What to do if my TFN is lost or stolen?
Is your TFN stolen or seen by someone? It is especially important for you to keep your number private and unique. You should not hang around and do not just forget about it if you think someone else has seen it or if it has been stolen. This could result in you getting into debt, or worse.
Feel free to contact us for any assistance you may require. At Instant Tax Refunds, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.