Do I need a Tax File Number?

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It is not compulsory to have a Tax File Number however, without a Tax File Number:

  • Your employer must take 45% of your wages in tax.
  • Financial institutions are required to tax your interest at 46.5%.
  • Centrelink will generally not pay you your Youth Allowance, Newstart or Auststudy.
  • You will be unable to defer your higher education fees.
  • Your tax return and / or Australian Business Number application will take longer to process, and
  • It is more difficult for the tax office to look up and discuss your tax matters.