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:
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 email@example.com