Does a child have to quote a Tax File Number (TFN)?
Last updated 29 June 2016
Anyone under 16 who has earned $420 or more in interest will have tax withheld if there’s no TFN linked to the account. If the account’s held by the parent (not as a formal trust), the parent quotes us their TFN. If there’s a formal trust, then the TFN for that is used instead.
Anyone over 16 who has earned more than $120 interest will have tax withheld if they haven't told us their TFN.
Go straight to Interest & tax summary in NetBank or
Log on to NetBank > View accounts > Interest & tax summary