A tax file number (TFN) is a nine-digit number issued by the Australian Tax office (ATO) to individuals and organizations in order to help better and quicker process tax returns. You can obtain only one tax file number that will last you your lifetime, so it is very essential to keep it secure.
Simply said, it is recommended to have a tax file number if you intend to work or to study in Australia and if you plan to opening a bank account. Almost everyone can apply for a tax file number. Having a TFN will help you if you want to:
- ask the ATO about your tax affairs
- lodge a tax return
- submit a TAF declaration or a Withholding declaration form
- sign up for support payments or income assistance
- state family tax benefit (FTB)
- start or change your job
- have investments with incomes or have saving accounts
- want to track your super;
- join a superannuation fund etc.
If you do not have a tax file number, more tax will be withheld from your paycheck and/or you will not be able to receive government benefits. You can apply for one by lodging an application online or mailing in a paper form.
If you decide to file online application, know once you have lodged the application, you will be called in for an interview to show your POI (Proof of identity) documents for authentication. If you want, there is a possibility to book an appointment for an interview at the same time you submit your application for TAF online. If you prefer filing a paper application, mail together with your ‘proof of identify’ documents to the address listed on the form. The original documents will be returned to you by registered mail after their checking. If you don’t want to wait, you can take your application together with the proof of identify documents to the nearest Australian tax office and a tax officer will check your documents and hand them back to you. In case you are applying via Department of Human Services or the Department of Veterans’ Affairs, your documents will be checked by an officer, who will check your completed application and send it to the Australian Taxation Office.
You TFN is really important for establishing your identity when applying for a job, government benefits or when opening bank saving accounts. Therefore, you must keep it secure and you can only show it to some people and organization like, registered tax agents and tax accountants Melbourne offices, the ATO, and some Australian government agencies. In case you do not have the time to lodge the application, search for the most reliable registered tax accountants Melbourne agencies that will fill out the application and submit it for you. The tax accountant will keep you informed throughout the whole application process. After processing your documents, ATO will inform the tax accountants Melbourne office that you are certified and will hand the documents back to you.
