What’s a Tax File Number (TFN)?

What’s a Tax File Number (TFN)?

A TFN is a unique nine-digit number that’s used to identify you in all tax and superannuation records. You may have supplied this when you opened your MyState Bank account(s).

If you don’t have a TFN, don’t worry – you can apply for one through the Australian Tax Office (ATO). Make sure you keep it safe, as you’ll have the same number for life.

Why do we need it? 

Any interest earned on your account(s) has to be reported to the ATO as assessable income by MyState Bank.

Some people, like certain pensioners and most people aged under 16, can claim a TFN exemption, but you should get in touch with the ATO to check your eligibility.

If you haven’t already supplied your TFN, you might like to lodge it with us. While it’s not compulsory, the government may withhold tax at the highest rate to any interest earned, plus a Medicare Levy, on all accounts without a TFN, unless you have a TFN exemption.

How to check, add, or update your TFN details

Get in touch to check, add, or update your TFN. Call us on 138 001, send us a secure message through Internet Banking or visit your local MyState Bank branch. You can also check out the ATO website to learn more about TFNs.

 

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