Frequent question: Is a Tax File Number personal information?

Is TFN personal information?

Under the TFN Rule, an individual’s TFN information can only be used or disclosed for the purpose of facilitating the effective administration of taxation law, certain aspects of personal assistance and superannuation law and to assist with the identification of individuals for other purposes.

Is it safe to give out your tax file number?

Keep it safe!

Your 9-digit TFN is unique to you, so you should never let anyone else use it. It is very private. There’s generally no reason to let anyone ever see your Tax File Number, except in a few cases we’ll cover below.

What happens if someone knows your tax file number?

Compromised tax file numbers

Your TFN and other personal information can be used to lodge tax returns and other tax forms, to receive refunds in your name. If your TFN is known to, or being used by someone who shouldn’t have it, this is referred to as a compromised TFN.

Is a Social Security number the same as a tax file number?

Tax Identification Number (TIN) is a common international term for what is referred to in the Australian tax system as a Tax File Number (TFN). In the case of U.S. persons or U.S. tax residents, the TIN will be your U.S. Social Security Number (SSN).

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Does TFN expire?

When the ATO issues you with a TFN, it’s yours for life. You keep the same TFN even if you change job, name or leave the Australian territory and come back months or years later. You don’t need to re-apply for one if your situation changes.

Is TFN highly confidential?

The TFN Rule is legally binding. A breach of the TFN Rule is an interference with privacy under the Privacy Act. Individuals who consider that their TFN information has been mishandled may make a complaint to the Office of the Australian Information Commissioner (OAIC).

Should I provide my TFN to my bank?

If your bank doesn’t have your tax file number (TFN), it will withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return. You don’t need to provide your TFN if: … the account earns less than $420 interest each year.

What can a scammer do with tax file number?

Scammers may tell you that your tax file number (TFN) has been cancelled or suspended due to money laundering or other criminal activity. They will say you either need to: pay money to avoid being arrested or sent to court. transfer your money to a safe bank account to protect your TFN from future misuse.

Centrelink and the Family Assistance Office will electronically secure your Tax File Number. No one can look at your Tax File Number on Centrelink’s computer system or on your paper files. This also means that if you lose or forget your Tax File Number we cannot tell you what your number is.

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What happens if my tax file number is stolen?

If you think your TFN is lost or stolen

They‘ll give you information, advice and assistance to re-establish your identity. They may also apply security measures that will monitor any unusual or suspicious activity on your account.

Does it cost money to get a tax file number?

A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: an important part of your tax and super records.

Can TFN be suspended?

The ATO does not suspend TFNs and will never request you pay a fine or transfer money in order to protect your TFN pending legal action. “Phone calls from the ATO do not project a number on caller ID and we will never send unsolicited pre-recorded messages to your phone.”

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