Ever wondered why you need a Tax File Number (TFN)? There’s a few reasons. To start your first job, or to study a course at uni. Or to study via a registered training organisation. Even if you’re wanting a part-time job while you’re at school, you’ll need a TFN.
Of course, you can choose NOT to have a TFN. But guess what – you’ll end up paying more tax, and you won’t be able to apply for any government benefits.
When you’d use a TFN
The main reasons include:
- Whenever you start a job
- If you’re receiving (or self contributing to) superannuation (i.e. money that’s put aside for when you retire)
- When you’re completing a tax return
- When you’re applying for any government benefits. For students this can include the Higher Education Loan Program (HELP). Student Start-up Loan (SSL). TradeSupport Loan (TSL). VET Student Loan (VSL). Or Student Financial Supplement Scheme (SFSS) debt.
How to get a TFN
Applying for a TFN is free. You can apply online at the Australian Tax Office website. Find the link that’s right for you. Visit the ATO website.
Other places you can apply include:
Be aware, it can take up to 28 days to receive your TFN.
Key takeaway
Your TFN is yours for life. Even if you change names or jobs.