Money Doesn’t Come Without Guidance ...
Are you an Australian resident? Are you planning to work in Australia? Then, you must have your Tax File Number to declare your income and pay taxes. A tax file number (TFN) is a unique personal reference number issued by the Australian Taxation Office (ATO) to each taxpaying individual or entity.
You will be asked to provide your tax file number in certain situations, such as:
Starting work for the first time;
It is an important part of your tax as well as your identity. It is also important for locating and keeping track of your superannuation records and savings.
Everything will be more difficult without a TFN. You have to pay more tax without one. Employers are legally required to hold back tax from your pay at the top marginal rate if they do not have your tax file number, even if your earnings are so little that you'd almost be paying no tax at all otherwise. Any interest from bank accounts, franked or unfranked dividends passed to you will have the highest possible level of tax taken out, if a TFN isn't provided. You also won’t be able to access some government benefits or support, that you are entitled to.
A TFN also ensures that you are being compliant with the tax code and tax laws set out by the Australian Government and the Australian Tax Office (ATO). As you can see, having a TFN allows you to do a lot of important things, so apply for your Tax File Number today to spend less time worrying about taxes.