Everything You Need To Know About Tax File Number

December 1, 2020    Tax Return Perth

Every legitimate taxpayer in Australia must possess a valid Tax File Number (TFN). It is basically a personalised ID number which the Australian government provides you. You can use your Tax File Number to serve a number of purposes.

Accessing your pertinent superannuation services, benefit payments, and tax returns comprise this list. You will need your TFN to apply for an Australian Business Number too. It also aids in the procedure of a bank account application.

Read More:- What Are The New Changes In Australian Taxation?

When Does a Person Need a Tax File Number?

The moment a person undertakes a job he or she needs a valid tax file number. An even wiser decision is to register for a Tax File Number (TFN) beforehand prior to joining your job. Doing so will let you produce your TFN before your employer on the first working day itself. Failure in doing the same might incur you a higher tax rate by your employer. So, make sure you’re handy with an authentic Tax File Number much before you had kick-started your employment career.

How to Keep Your TFN Safe?

Ascertain that no one else is being able to access your unique Tax File Number (TFN). Another thing to consider is it should at least be of nine digits and not less. It is highly confidential, so, shouldn’t be accessible to anyone else. Conversely, in some exceptional cases, providing your Tax File Number might become absolutely necessary. Failure to do so might lead to unprecedented cases of fraud or identity theft in your name.

How To Apply For a Tax File Number?

There are primarily two ways to apply for your Tax File Number. These include the following:

  • You can hire a tax agent in Perth to complete the TFN application on your behalf or
  • You can submit an application online to obtain your Tax File Number as well. To complete the task visit the myGov site of the Australian government. Alternatively, you can also visit the nearest post office and submit your application in person.

After the TFN is processed properly, you will receive it in your official mail. So, your mail ID should be an error-free and authentic one. If you appoint a tax agent, you need to pay him/her a particular charge to get the job done.

Read More:- Six Tips To Maximise Your Tax Refund For Individuals

When Does a Person Receive a TFN?

The approximate time is considered to be 28 days by which you will receive your TFN. Nevertheless, the Australian Taxation Office (ATO) will inform you within ten days from the date you had applied for it.

Reasons to Have a Tax File Number

There are quite a few substantial reasons for which you need a tax file number. Below are some of the most common reasons behind it.

  • To apply for an Australian Business Number
  • In case if you have to create a new bank account and
  • If there are some governmental benefits or allowances which you need to claim. Say for instance your Centrelink payments and Family Tax Benefit etc.

So, do you feel the need for doing any of the things mentioned above? If so, then obtain a valid Tax File Number successfully as soon as possible.

Ways to Find Your Tax File Number

There are certain ways to find out your tax file number in case you’ve lost your reception letter. These include the following:

  • Visit ato.gov.au and sign in to your account. Then, open any tax return and at top of the form, you’ll see your TFN.
  • Search with your payslips
  • Superannuation statements
  • Get in touch with the ATO
  • Verify with your bank account etc.
  • The Notice concerning the Assessment Letter issued by the ATO after you had lodged your Tax Return Perth effectively.

So, do you also need to obtain a tax file number (TFN) indispensably? If so, then hire a registered Tax Accountant Perth today!

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