Peter Dutton, Minister for Revenue and Assistant Treasurer, today announced that the Tax Office is writing to 1.85 million people whose super fund or retirement saving account doesn’t have their tax file number.
The letter will let people know that the Tax Office will provide their tax file number (TFN) to their super fund or retirement saving account.
“By providing TFNs to funds and accounts the Tax Office wants to help people ensure they make the most of their super investment,” Mr Dutton said.
From 1 July 2007 super funds or retirement saving accounts without their members’ TFNs won’t be able to accept additional personal contributions and contributions will be taxed 46.5 per cent.
“People who receive these letters don’t have to do anything. The ATO is simply letting them know they will provide their TFN to the super fund or retirement saving account for them,” Mr Dutton said.
“Anyone who would prefer the ATO didn’t do this, needs to contact them within 28 days from receiving the letter.
“Giving funds and accounts TFNs will also help people eligible for super co-contributions get the money they are entitled to.”
“If you have more than one super fund or retirement saving account you can expect to receive a letter for each fund or account that doesn’t have a record of your TFN,” Mr Dutton said.
“While the Tax Office will provide TFNs to super funds and retirement saving accounts, it is still a good idea to check your most recent membership contribution statement to see if your fund has your TFN.”
For further information on super obligations or to advise you don’t want your TFN to be provided, call the Tax Office on 13 10 20.