Tax File Numbers

Don't let your employees get overtaxed

Legislation requires superannuation funds to collect their members' Tax File Numbers (TFNs). It also stipulates that if an employee provides an employer with their TFN for employment purposes, you must forward it to their fund within 14 days or when you make the first contribution on their behalf. If you don't pass on your employees' TFN you may be liable to pay a penalty.

The Cbus Membership Application requests members joining the fund to provide their TFN. If a member chooses not to supply their TFN the contributions you make for them will be taxed at 46.5%. Plus, they will not be able to make personal contributions to their super and may miss out on the Government's Co-contribution.

TFNs can also be forwarded to Cbus on your contribution return or faxed to Cbus on 1300 361 794, together with the member's personal details and membership number. You must respect the privacy of employees who quote their TFN to you and ensure that it is held in a secure manner.

Cbus maintains strict security on its members' TFNs and uses them only for legally authorised purposes.

Recording your tax file number (TFN) with your super fund is important.

If your fund does not have your TFN on file, it will need to tax any employer contributions above $1,000 per year at the top marginal rate, plus Medicare levy (currently 46.5%). Accounts that begin after 1 July 2007 will have all contributions taxed at the top marginal rate, plus medicare levy (currently 46.5%). In addition, your fund will not be able to accept personal (after-tax) contributions from you if they do not have your TFN.

How to supply your tax file number:

• You can contact our Service Centre on 1300 361 784 to advise us of your TFN or to check whether we have it already.
• Click here to fill in the Tax File Number Declaration form and return to us via the mail.