What is the Tax File Number (TFN)?
A Tax File Number (TFN) is a unique 9-digit number issued by the Australian Taxation Office (ATO) to individuals and organisations for tax purposes. It is a personal reference number that helps the ATO identify taxpayers and manage their tax affairs. TFN is used to track individuals’ financial activities, including their tax payments, income, and certain financial transactions. It is an essential requirement when filing tax returns, opening a bank account, or starting a new job in Australia. The TFN should be kept confidential as it contains sensitive personal information.
You can apply for a tax file number (TFN) on behalf of companies, trusts, partnerships and many other organisations via the tax professional’s services. You can apply for a TFN for most businesses or organisations while completing their ABN application
*If you want to apply for TFN, please refer to ATO.
How can Workstem assist you?
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By automating the payroll process in accordance with Fair Work and EBAs, Workstem simplifies tasks such as overtime pay, allowances, loadings, and leave cashing out. The STP 2 reporting feature also enables businesses to comply with ATO.
Keep track of compliant payroll processing at its finest with Workstem, boosting efficiency and eliminating the need for tedious manual operations. Join us today!