Identifying your Tax File Number for any important documents can be painful if you don’t have it recorded! This Business Kitz blog will explain how to locate your Tax File Number if you have misplaced it.
What is a Tax File Number (TFN)?
A Tax File Number (TFN) is a unique 9-digit identifier assigned to individuals and businesses by the Australian Taxation Office (ATO). The TFN is used to identify you for tax and superannuation purposes, and it’s necessary for you to quote it whenever you engage in taxable transactions or receive taxable income in Australia.
Why do individuals or businesses need a TFN?
Individuals and businesses are required to have a TFN to enable the ATO to manage their tax and superannuation obligations. Failing to have a TFN or quoting it incorrectly may result in significant tax implications, including paying higher amounts of tax or being fined for non-compliance.
Where should I look for my TFN?
There are four common ways to find out your TFN if you are having difficulties finding it.
1. Checking your documents:
You can locate your TFN at home or your office, with the help of tax returns or notice of assessments, at the top right hand corner of the letter. Other documents include any correspondence between you and the ATO, payment summaries and account statements. Note that these documents however may not be readily available, and it would be best to start looking for them early.
2. Checking on myGov:
The Australian government has an online platform – myGov, that links you to major government services, including Australian Tax Office, Australian Job Search, Medicare Australia, My Health Record. If you have an account with myGov, you will be able to find your TFN at your fingertips.
3. Contact your agent or financial institutions:
If you have engaged with an accountant or a registered agent, you can request for your TFN from their records. Checking your email to see if they have sent anything can be helpful too. Institutions like banks and other financial institutions can help you with locating your TFN.
4. Contact the ATO:
You can contact the Australia Taxation Office by calling 13 28 61 on Monday to Friday from 8am to 6pm to request a copy of your TFN information. You should have your Australian Business Number or other proof of identity that has your personal details for verification.
What do I do if my TFN is lost or stolen?
If you have looked everywhere for your TFN and worry that your TFN is lost or stolen, you should immediately report it to the ATO by calling the ATO’s Client Identity support centre at 1800 467 033 from 8am to 8pm. The ATO will take steps to secure your TFN to prevent any unauthorised use, provide further information and advice relating to the implementation of security measures. Additionally, you may also need to provide identity verification to confirm your identity before the ATO will issue a replacement TFN. https://www.ato.gov.au/general/online-services/identity-security-and-scams/help-for-identity-theft/
How to keep your TFN safe?
Some tips for keeping your TFN safe include:
1. Keeping it somewhere you won’t forget:
Find a place in your home or office where you will be able to locate your documents. Keeping all important documents together in one place is a good start.
2. Keeping your TFN information confidential and not sharing it with anyone:
It is important to protect and secure your personal information from falling into the wrong hands. Things like destroying any documents that contain your TFN when disposing of them are definitely helpful.
3, Keeping a secure backup of your TFN information in case it is lost or stolen:
This is to allow smoother and faster protection once you report to the ATO to prevent further compromising or misuse.
Legal advice:
Your TFN is an important number and you will be needing it when filing for tax returns, applying for new jobs and when registering for a company. If it falls into the wrong hands, it can be used by other individuals for identity fraud. Keeping it safe and on hand is therefore crucial. If you require further information or assistance regarding all things TFN, our sister company, Legal Kitz can assist you. To arrange a FREE consultation with one of their highly experienced solicitors, click here today, or contact us at info@legalkitz.com.au or 1300 988 954.