Why Telstra Super needs your TFN
We are authorised under the Superannuation Industry (Supervision) Act to request TFNs from our members for the following lawful purposes:
- taxing Eligible Termination Payments (ETPs) at concessional rates.
- finding and rolling in (transferring) any superannuation benefits from other funds where insufficient information is available, but we will not pass your TFN to any other fund if you advise us in writing that you do not want your TFN passed on.
- passing your TFN to the Australian Taxation Office (ATO) when reporting details of contributions or if you receive a benefit or have unclaimed superannuation money after reaching the Aged Pension age.
What will happen if you don’t provide your TFN?
It is not compulsory to provide your TFN, but there are consequences for not providing your TFN.
Consequences from 1 July 2007:
- superannuation funds will not be able to accept post-tax contributions from any member who has not provided their TFN.
- pre-tax contributions will be taxed at the top marginal rate plus Medicare, with refunds being given by the ATO only if a member’s TFN is provided to the super fund within four years of the contribution being made.
The lawful purposes for which your TFN can be used and the consequences of not quoting your TFN may change in the future.