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  • Make sure to declare your TFN or ABN

    When starting a bank account it's important to declare your TFN or ABN, otherwise the bank will withhold tax from your interest at the highest marginal tax rate. By providing your organisation's ABN or TFN to your bank or financial institution before 30 June then the interest won't be withheld.

    If the interest is withheld you will have to complete a refund of over-withheld withholding application formsThis link will download a file and send it back to us using the instruction provided on the form.

    This will not apply to your NFP if you have claimed an exemption with the bank or financial institution. To do this, you must advise them in writing that your organisation is claiming an exemption from quoting a TFN. The ATO does not provide a specific wording for this purpose, but your written advice should generally include:

    • your organisation's name and address
    • details of the accounts and investments your organisation is claiming an exemption for
    • the reason your organisation is not required to lodge an income tax return.

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    Last modified: 01 May 2019QC 58699