Does a child have to quote a Tax File Number (TFN)?
Last updated 26 May 2017
Anyone over 16 who has earned more than $120 interest p.a. will have tax withheld if they haven't told us their TFN or TFN exemption.
Anyone under 16 who has earned $420 or more in interest p.a. will have tax withheld if there’s no TFN linked to the account. If the account’s held by their parent (not as a formal trust), the parent may quote their TFN. If there’s a formal trust, the TFN for that is used instead.
Go to Interest & tax summary in NetBank to check you’ve told us your child’s TFN and see if we’ve withheld tax.