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What happens if I don’t tell you my Tax File Number (TFN)?

See all Tax FAQs

Last updated 29 June 2016

Withholding tax may apply to interest earned on your account/s unless you have provided us with your Tax File Number (TFN) or TFN exemption. Note that declining to provide your TFN or TFN exemption code is not an offence.

When you lodge your income tax return you will get a credit for any TFN withholding tax deducted by us in that financial year.

The money we withhold is paid to the Australian Taxation Office (ATO).

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.

And if you’re a non-resident the ATO explains what you need to do.

Double-check you’ve told us your Tax File Number (TFN) or TFN exemption code in NetBank.

Go straight to Interest & tax summary in NetBank or

Log on to NetBank > View accounts > Interest & tax summary

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