We are fast approaching the end of another financial year and whilst supplying a Tax Fine Number (TFN) is not mandatory, changes introduced with effect from 1 July 2007 mean that there are implications for employers who have not provided us with their employees’ TFNs.
What are an employer’s obligations?
When an employee completes a Tax File Number declaration their employer must pass their TFN onto their superannuation fund if the employer makes contributions for them.
If they don’t pass on their employees’ TFNs they are not meeting their obligations and may be liable to pay a penalty to the ATO.