Why every person who work in Australia are required to have a Tax File Number (TFN) and if you don't have one what will happen to you?
In Australia, every body are required to apply for TFN in order to pay tax, to get superannuation and to lodge a tax return.
Tax File Number (TFN) is a unique number issued and authorised by the Taxation Commissioner from the Australian Tax Office (ATO) to every Australian who work.
Because tax file number is as important as someone's birth date, it is therefore, need to be kept secret, except when authorities request.
Tax Institute said that there will be penalty for those who work but do not supply TFN to their employers. This means they will have to pay the highest marginal tax rate of 47% for the income they earn which will result in earning less than they should.
Stephanie Ceredes from the Tax Institute also said that once you got a TFN, it can last you a life time if you still live and work in Australia.
Laurie Nowell from settlement agency, AMES Australia said that ATO doesn't mind whether if you use your first name or family name first in whichever order. But whatever form you prefer both your name and your TFN must be consistent to avoid problem due to your details don't match with ATOs or bank's original records.
If you want more information about applying for a tax file number, the Australian Taxation Office website's ato.gov.au would be a good place to start.#
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