What is a TFN?
A Tax File Number (TFN) is your personal tax identifier issued by the Australian Taxation Office (ATO). It is essential for working, banking, investing and running a business in Australia. This guide walks you through what a TFN is, who needs one, how to apply and how to keep your records compliant.
What is a TFN?
A Tax File Number (TFN) is your personal tax identifier issued by the Australian Taxation Office (ATO). It is essential for working, banking, investing and running a business in Australia. This guide walks you through what a TFN is, who needs one, how to apply and how to keep your records compliant.
Why you need a TFN
A TFN unlocks the standard Australian tax system. Without one, you may be taxed at the highest marginal rate on wages, bank interest and certain investment income. Common reasons you'll need a TFN include:
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Who should apply
A new resident, student, temporary visa holder or anyone with a work right
Starting work, freelancing or starting a business
Opening a bank, super or investment account
Planning to operate via a sole trader, company, trust or partnership, or applying for an ABN
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There are several ways to apply for a TFN, depending on your residency status:
Australian residents
Apply online via the ATO website or through myGov. You'll need proof of identity documents and a residential address. Most applications are processed within 28 days.
Foreign passport holders
Apply online through the ATO once you arrive in Australia and have a valid visa with work rights. You'll need your passport and visa details.
Working holiday makers
Apply online after arriving in Australia. Note that working-holiday-maker tax rates apply on income earned under the relevant visa.
Children under 16 or those without standard ID
A paper-based application may be required. ABS Solutions can guide you through the correct form and documentation.
