What happens if I don't provide a tax file number?

Jasmine Shillington Updated by Jasmine Shillington

When you open an account we will ask you whether you want to disclose your TFN or TFN exemption.

If you disclose it, we will note your TFN against any account you activate.

You do not have to disclose your TFN to us, we will then deduct withholding tax from interest paid on the account at the highest marginal tax rate.

For a joint account, each holder must quote their TFN and/or exemptions, otherwise withholding tax applies to all interest earned on the joint account.

Businesses can quote either their TFN or Australian Business Number (ABN).

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Why do you need to know my Foreign Tax Residency status?

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