Money Doesn’t Come Without Guidance ...
Tax File Number (TFN) is a unique number that helps you decide the amount of tax you need to pay and permits you to submit it in time every year to ATO. If you are running your own business in Australia, you need a unique number for ascertainment of your business as well as easy submission of taxes as a business, this is called the Australian Business Number (ABN).
As an investor in Australia you are not necessitated to quote in some circumstances or may choose not to quote a TFN or ABN. But if you claim an exemption, your investment must be included in the AIIR (Annual Investment Income Report) along with relevant income information. The exemption is available for children under 16, non-resident investors, and pension and benefit recipients.
You can claim an exemption from quoting ABN or TFN if it is either of the following:
The income tax law does not require any statement or certificate from ATO to prove your status to your investment body. But you must advise your investment body if both of the following apply to your organisation: