Clubs such as punters' clubs, lottery syndicates and craft clubs are generally not exempt from quoting a TFN or ABN. You should quote a TFN or ABN to your club's investment bodies, or an amount will be withheld from your club's investment income, if your club is of the type described above and:
- has savings accounts with a bank, building society or credit union which earns $120 interest or more a year – that is, $10 a month, or
- earns any amount from other types of investments, such as shares.
If an investment is made in the name of the club, a company TFN or ABN should be quoted.
If the investment is in the name of a person as trustee for the club, that person's individual TFN should be quoted unless there is a trust TFN or ABN. If it is a joint investment in the names of two people, the details of both account holders should be given. Where more than two people are named, details of at least two account holders are required. If only one person provides their details for a joint investment, an amount will be withheld from the total investment income if it is above the threshold.
Last modified: 16 Mar 2015QC 16808