Why should I attach my tax file number to my bank accounts?
Ans (Rika from Affinitas)
Your ATO tax returns and ultimately your refund or tax owed – depends on your tax file number. Your employer has to give the ATO your income information, but banks aren’t required to – although most do.
If the bank does not have your tax file number they keep the maximum tax on any interest that you earn and then you can get it back when you file your tax return. This could amount to a large sum of money, better to be in your pocket rather than in the ATO’s for a whole year.
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