What is withholding tax?

Jasmine Shillington Updated by Jasmine Shillington

Withholding tax may apply to interest earned on your account/s unless you provide us with your Tax File Number (TFN) or TFN exemption. You’re not obliged to provide us your TFN or TFN exemption, but if you don’t we’re required by law to deduct withholding tax at the highest marginal tax rate, plus the Medicare levy.

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

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