Why you need to submit your Tax File Number (TFN) to the bank
Are you a working holiday who is receiving interest through your bank fixed deposit account? In such cases, it's best to provide TFN.
This is because you also deduct taxes from the interest amount. First, you deduct taxes based on the highest personal income tax rate.
In that case, a significant portion of the interest income is deducted as tax. Why??? Banks ask how much your income is.
Since you don't know, you first deduct taxes based on your highest income tax rate.
If you didn't know, please inform your bank of your TFN even now. If someone opens a bank account, submit your TFN.
In that case, the bank would deduct any tax from interest income, and when filing the fiscal year income tax return, the interest income would be included in the report.
That's all you need to do.
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