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.
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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.
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.
There are primarily two ways to apply for your Tax File Number. These include the following:
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.
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.
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.
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.
There are certain ways to find out your tax file number in case you’ve lost your reception letter. These include the following:
So, do you also need to obtain a tax file number (TFN) indispensably? If so, then hire a registered Tax Accountant Perth today!