5 Things You Need to Know About Tax File Numbers

Do I need a tax file number (TFN) for my business?

Tax-File-Number

The type of TFN you require in Australia depends on your business structure. Here are 5 things you need to know about TFNs.

  1. You TFN is a unique number issued by the Australian Taxation Office (ATO) for tax and super purposes.
  2. Individuals and employees don’t have to have a TFN. However without one they pay more tax.
  3. Businesses that operate as a partnership, company or trust, need their own TFN.
  4. You can apply for a TFN for your business at the same time as applying for an Australian Business Number (ABN).
  5. Sole traders use their individual TFN.

You should check out the most up-to-date information on TFNs and find out how to apply for a TFN at the ATO website.

Don’t forget to check out our 5 Steps to Starting a Business.