Why should I provide my Tax File Number (TFN)?
If you don’t supply your TFN to your super fund:
- You’ll pay significantly more tax on your super. Employer contributions are taxed at 47% instead of 15% per year, which will reduce your super savings
- You cannot make salary sacrifice (before-tax) or after-tax contributions
- It’s more difficult to track down lost super or rollover super from one fund to another
- You won’t receive government co-contributions
- You won’t be able to make contribution to your spouse’s super (or vice versa)
- You won’t be able to take money out of your super account.