Do I need a tax file number (TFN) for my business?
The type of TFN you require in Australia depends on your business structure. Here are 5 things you need to know about TFNs.
- You TFN is a unique number issued by the Australian Taxation Office (ATO) for tax and super purposes.
- Individuals and employees don’t have to have a TFN. However without one they pay more tax.
- Businesses that operate as a partnership, company or trust, need their own TFN.
- You can apply for a TFN for your business at the same time as applying for an Australian Business Number (ABN).
- 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.