Tax File Number in brief:
A Tax File Number also called a TFN is a unique number that you get from the government of Australia. This number of very often used in the process of your tax returns, getting your payment benefits, and superannuation. But this number is alone not enough to complete the process of the tax return. For this, you need to have a bank account number along with an Australian Business Number.
You will get your TFN after some days of your successful TFN application. But you should keep it in your mind that this number should be kept safe all the time. Anyone else who knows about this number can commit several frauds and put you in serious trouble.
When do you need it?
This number is a must before you start doing your first job. Once you have started your job, you have to give this number to your employer. And in the same manner, you have to provide this number to the employer that you join in the future. There is a chance that you may be taxed higher than the original amount if you don’t have an Australian Tax File Number.
Before you start your job somewhere, your employer will give a form called the tax file number declaration form. In this form, you have to fill in your tax file number and some other details about tax returns and residency.
There are some other utilities of this number as well:
- You can apply for a business number only if you have a tax file number.
- You can’t have a bank account without this number.
- There are several other government benefits that you can take only if you have a tax file number.
The process of application of a tax file number and in how many days you will get it?
You can apply for a tax file number through the online website of the Australian government called myGov. You registered tax accountant can also do it or you can do it on yourself through the post office. There is no cost involved in it. Once your tax file number application is successful, you will receive a mail of confirmation.
Usually, people get their tax file number under 10 days of application but in some cases, it can take up to 28 days.
What if you have lost your tax file number?
If you have lost the original letter mentioning your tax file number, there are several ways you can find it:
- You can find your ATO tax file number on the statements of superannuation or the payslips.
- Your employer can also tell you this number.
- You can also contact your bank for this purpose.
If you get to know that someone has stolen your TFN, you should contact the ATO
