Why Tasplan needs your Tax File Number

Why do I have to supply a Tax File Number? (TFN)

You don't! But if you don't, the Government may impose a higher rate of tax on money coming in and out of your super account. The TFN is an important identifier which, when authorised, can be used by Tasplan to find any lost super you may have. Please note that our privacy policy prohibits Tasplan using your TFN for any unauthorised purpose.

What is the tax rate on contributions made to super?

To encourage Australians to save for their retirement, the Government levies a reduced rate of taxation (15%) on employer contributions such as Superannuation Guarantee (SG), Salary Sacrifice and Employer contributions greater than the SG.

It is not compulsory to provide your TFN to Tasplan.

However, if you do not give us your TFN,

• tax will apply at 46.5% to any superannuation contribution paid by your employer on your behalf. You may get this back at the end of the financial year in your income tax assessment.
• it may be more difficult to find your superannuation benefits if you change address without notifying your fund or to amalgamate any multiple superannuation accounts.
• Tasplan will not be able to accept any voluntary contributions from you, and
• this may delay payment of your benefits or may mean you miss out on the receiving the Government Co-contribution.

Under the Superannuation Industry (Supervision) Act 1993, Tasplan is authorised to collect your TFN, which will only be used for lawful purposes. These purposes may change in the future as a result of legislative change. The TFN may be disclosed to another superannuation provider, when your benefits are being transferred, unless you request in writing that your TFN is not to be disclosed to any other trustee.