A tax file number (TFN) is a private number, however, all taxpayers need to provide these details to their bank or investment institution when they open an account. If the TFN is not provided the institution is required by law to withhold tax at the top marginal tax rate, this is called TFN Withholding Tax. 

 If you notice TFN withholding tax on your bank or investment account then you should:

• - Update your TFN details: with your financial institution as soon as possible to ensure that stop deducting TFN withholding tax.
• - End of the financial year: provide this information to us so that we may claim this back on the corresponding entity or individual income tax return. 
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Check the current marginal tax rates - just click here

Read more about applying for a TFN in Australia - just click here

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au