Why do I need a TFN?
A TFN is not compulsory. However, if you intend to keep money in a bank account, it would be to your advantage to have a TFN, because you may be required to pay tax on the interest. Similarly, if you intend working in paid employment, you need to have a TFN, because your employer is required to deduct income tax from your wages.
If you do not have a TFN, you may:
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pay more tax than necessary, or
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not be able to get government benefits you are entitled to receive.
A TFN will help you:
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lodge a tax return
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ask the Tax Office about your tax affairs
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start or change jobs
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limit the amount of tax you pay on interest of dividends earned if you have savings accounts or investments that earn income.
*For further information visit the Australian Taxation Office website or telephone 13 28 61 between 8.00am and 6.00pm, Monday to Friday.