5 basic things that you should know about TFN (Tax File Number) - Mate Education
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5 basic things that you should know about TFN (Tax File Number)

1. Avoid paying the highest rate
Tax file numbers (TFN) are required by the government to guard against tax evasion. It is strongly recommended that you obtain a TFN when arriving in Australia. If you do not have a Tax File Number, any income you earn (including interest on bank accounts) will be taxed at the highest rate. Many students find a good option to earn money through part-time work. When commencing employment, you will be asked to fill out a Tax File Number declaration form. However if you choose not to quote your number, your employer is obliged to withhold tax at the highest possible rate.

2. Only one TFN is issued to you, for a lifetime
Once a TFN has been issued to you, there is no need to re-apply for one if your circumstances change, or if you leave Australia and return again.

3. How to apply?
To apply for a TFN online, go to the ATO website: www.ato.gov.au
You can also apply using the paper application. Tax File Number applications are available from the Australian Taxation Office.
You can find an office in your city, simply go the ATO website www.ato.gov.au

4. Tax-free threshold
International Students who live in Australia for 6 month or less would only be entitled to $9,100 as their tax-free threshold. However students who are enrolled in a course that is more than 6 months are generally treated as Australian residents for tax purposes.

5. Tax Returns
The Australian financial year runs from 1 July to 30 June.
You must lodge a ‘tax return’ if your taxable income is over the tax-free threshold. If your
income was below the tax-free threshold and you paid tax, you will need to lodge a return in
order to receive a refund. Returns are lodged between 1 July and 31 October.Tax returns can also becompleted online, and can be lodged even after you have returned to your home country.

For further information call the Tax Office on 13 2863

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