Money

Tax Info & Planning

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What is a TFN and why do I need a one? 

A TFN is an Australian Tax File Number. It is not compulsory to have a TFN, however, if you do not have one you may have too much tax withheld or be unable to receive government benefits you are entitled to.

Below are a few examples of what the benefits of having a TFN are:

  • Start work or change jobs.
  • Apply for income assistance or support payments.
  • You can lodge a tax return.
  • Contact the ATO about your tax affairs.
  • Claim family tax benefit (FTB).
  • Join a superannuation fund.

If you are a permanent migrant or temporary working visitor to Australia you can apply online at www.ato.gov.au any time after entering the country.  To apply online, you need a valid passport or relevant travel documents and must be:

  • Authorised to work in Australia by the Department of Immigration and Citizenship (DIAC)
  • Have a valid overseas student visa or allowed to remain here indefinitely.

If you don’t have access to the internet, you can visit an ATO shopfront or public internet facility.

 

ABN registration ( Australian Business Number)

The Australian business number (ABN) is the identifying number that businesses use when dealing with other businesses. If you are self-employed you will need an ABN on your invoices or other documents relating to sales that you make to other businesses/individuals.

You are not required to have a tax file number (TFN) to register for an ABN. However, having a TFN reduces the risk of administrative errors when dealing with the Tax Office.

To apply for an ABN visit  www.ato.gov.au