Tax FAQ
 

Claiming No Tax File Number Fee At Bank?

Question by Cosmicgirl84 | Posted in Australia

I have several accounts with the Commonwealth Bank and recently closed one as am changing banks. When I got my report in the mail I noticed I had earned interest but been deducted for not having my Tax File Number at the bank. Now I DEFINITELY have this notorious on one of my accounts so assumed they would have this info.

Questions:
1. Should I go to the bank and ask for the fee to be returned?
2. Or am I able to seek this back on my tax?

Answer: You must afford a TFN for each account unless you link them and inform the bank that they are linked and the TFN applies to all accounts. The The interest withheld would have been sent to the tax backing.
You should first of all, contact the bank and ask them. If they do anything for you there is likely to be a fee which is possibly higher than the with held amount.
You can probably maintain,it back on your tax return too.
 
 

What To Do With Tax File Number?

Question by Matthew9951 | Posted in Australia

I have a tax file number but i don't separate what do with it? At my job I get my money in notes at the end of each week and usually I put $50 in the bank from my wage. My friends told me if I don't release the bank I have a tax file number or something that the government will start taxing me unfairly? I thought you had to earn at least $5000 a year to be taxed?

Answer: If you don't give your TFN to the bank, they are required by law to take from tax of 45% from any interest you earn. If you earn less than $6000 from all sources (wages, interest etc), you will get all of that tax back IF (and only if) you lodge a tax revert.

Provide your TFN to the bank and you won't have a problem.

Related Topics:

School Tax Deduction
Treasurer Tax Collector
Sports Tax

 
 

I Have A Tax File Number And I Am Starting Freelance Work As A "casual Employee". How Do I Pay My Taxes?

Question by sonz | Posted in Australia

my job will be column articles in which a editorial company will pay me for every article i submit. does the company hands pay my tax or do i have to do it myself? if so, what should i do?

THANKS!!

Answer: You beggary to ask the company whether you are being employed as an "employee" - in which case they should out PAYG withholding tax from your payments. Or if they are using your services as a "contractor" - in which victim you'll need to get an ABN, invoice them and declare the income as business income in your tax return and halt and see if the ATO expect you to pay tax on it (as will be shown on your Notice of Assessment).

If it is the latter scenario, you will

Related Topics:

Captial Gains Tax
Car Tax Benefit
Parts Tax

 
 

Does Anyone Know If I Can Find Out My Tax File Number Online?

Question by muz200419 | Posted in Australia

Does anyone be familiar with if i can find out my tax file number online instead of phoning the ATO to get it

Answer: no you can't, you have to dash off to the ATO with your identification . Just have a look on some old tax returns it will be on there.

Related Topics:

Windfall Tax Nancy
Car Tax Rules
179 Tax

 
 

My Mum Is Deceased, I Need Her Tax File Number?

Question by Cassie | Posted in Australia

My mum was murdered 3yrs 1mnth ago. I wish for to find out if she had any superannuation. To do this i need her tax file number how do i get information on both these things? I am her only child.

Answer: For you to transaction with the deceased person’s tax affairs, you will need proof that you have the authority to do so. Usually this power is granted to the executor, this is the yourselves who is legally appointed to finalise your mum's financial matters.

After you have been appointed executor, you should set to the Tax Office with details of the deceased person’s:

- full name
- date of birth
- date of extirpation
- address for services

Related Topics:

Windfall Tax Retirement
Idaho Tax Forms
Pension Tax Credit

 

Entering the workforce

to retrieve money and get ahead. For more information on tax and super, visit www.ato.gov.au ... Aus Tax Office ... australia australian taxation ...

Your Life Is All You've Got – Back It Up! « AdvanceLoan Finance Blog

by admin

In additionally you may have a assembly of info on your bank accounts, stocks and shares, savings accounts, cover plans, pensions, Incentive Union numbers and so on. M pictures If you are like me, you never deflection the computer off except when it... Distinctly from lightning which zaps your computer and destroys the uncompromising disk in a microsecond, a straightforward computer drive or more serious hazards such as fire, overflowing and burglary could put you out of responsibility in seconds. You may call it your PC or about computer, but in factually it’s your filing system and it may be benefit a chance. But at the first rumble of resound on the range I do a adept lay and then disappear from every program that’s unconcluded, change-over off and tug the push out of the back of the computer. You’re sitting licence in front of it hesitation now....

Read more...
© 2011 Tax FAQ