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August 14, 2019
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August 14, 2019
What is a Tax File Number (TFN) and when do you need it?
A Tax File Number (TFN) is a personal reference number which is used for taxation and superannuation purposes in Australia. You keep the same TFN for life, even if you later change your name, employment or residency. It is your own personal identification number that you will need when lodging your tax return. You also need a TFN to get an Australian Business Number (ABN).
It is not compulsory to have a TFN, but without one, you will pay more tax.
Applying for a TFN is free to do and can be done at the link here.
How do you request a TFN?
You need to apply to the Australian Taxation Office (ATO) for a TFN.
You can apply online if you meet the following criteria:
- You are a foreign passport holder, permanent resident or temporary visitor;
- You have a valid passport or travel documents;
- You are in Australia; and
- You hold one of the following visas:
–a permanent visa;
– a visa with work rights;
– a Student Visa; or
– a visa which allows you to stay indefinitely in Australia..
The ATO will confirm your details with the Department of Home Affairs. Therefore, you do not need to submit your documents with your application.
Your TFN will be sent to you by mail to your Australian postal address within 28 days.
You can apply for a TFN online here. You will also find instructions for completing your online application here.
If you need help completing your application, you can contact the ATO using the contact details listed here.
What is an Australian Business Number (ABN) and when do you need it?
An ABN is an identification number for the purpose of identifying your business in Australia. It is separate from a TFN and is used for various tax and business matters.
To be issued with an ABN, you must be starting or carrying on an enterprise . This includes activities performed in a business.
You cannot apply for an ABN if you are working as an employee, which means you are working in someone else’s business. If you are running your own business, you will be classified as a contractor and are entitled to an ABN. Sometimes, it can be less clear whether you are an employee or a contractor. You can find further information about how to determine how you should be classified here.
Applying for an ABN is free.
How do you request an ABN?
You can apply for your ABN online here. You can save your application and return at a later time (before it expires) to complete it here.
Before you apply, you will need the following information:
– your TFN;
– the date when you require an ABN (normally the date when you expect to start business activities);
– the legal name of your entity;
– authorised contacts;
– business contact details (e.g. an address, postal address, email address and telephone number);
- business activity; and
– business location/s.
Other information may also be required, depending on your personal circumstances. You can find further information about what you will need before you start your application here.
If you provide all the required information when applying online, you will receive an ABN immediately once you have completed your application. If further confirmation and/or information is required, the ATO will review your information and contact you (if required) within 20 business days.
Once you are issued with an ABN, your details will be published on the Australian Business Register (ABR).
For further information about registering for an ABN, you can read more here.
If you need help completing your application, you can contact the ABR using the contact details listed here.
