Tax Info & Planning
We've done the research for you!
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