Reading time: You can provide us with your TFN (or find out if we already have your TFN linked to your account) through Member Online or by calling us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
By providing us with your TFN:
- you won't pay extra tax on your benefits or contributions
- it'll be easier to find your other super accounts
- the Government may put more into your super
- we'll be able to accept your after-tax contributions
TWUSUPER's TFN Collection Statement
Under the Superannuation Industry (Supervision) Act 1993, super funds are authorised to collect your Tax File Number (TFN), to be used and disclosed for lawful purposes. Declining to quote your TFN to the Trustee is not an offence. However, by providing your TFN you're allowing the Trustee to be able to (but not limited to):
- find or identify your super within TWUSUPER
- work out any tax payable
- pass your TFN to the Australian Taxation Office (ATO) when you receive your super payout or have unclaimed super money after reaching pension age
- pass your TFN to any other super fund or account to which your super is transferred in the future, unless you tell the Trustee in writing not to do so
- report details of contributions to the ATO for working out whether any tax is applicable if contributions for you exceed certain limits
- where required by law, pass your TFN to other Government agencies
If you don't provide your TFN, now or later:
- You may pay more tax on contributions made by your employer and certain other contributions made by or for you. In some circumstances, you may be able to claim this back, however time limits and other rules may apply.
- The Trustee will only be able to accept contributions made for you by your employer; no other contributions, for example post-tax contributions (including personal contributions and some government contributions) can be accepted.
- You may pay more tax on your super benefit than you would otherwise (although you can claim this back when you lodge your tax return).
- It may be more difficult to find your super in the future if you change your address without notifying the Trustee, or if you rollover any other super accounts you may have.
The legal purposes for which the Trustee can use your TFN and the consequences for not quoting your TFN may change in the future.