Tax File Numbers
Don’t let your employees get over-taxed.
Legislation requires superannuation funds to collect their members' Tax File Numbers (TFNs). It also stipulates that if an employee provides you with their TFN for employment purposes, you must forward it to their fund within 14 days. If you don't pass on your employees' TFN you will be liable to pay a penalty.
The Cbus Membership Application requests members joining the fund to provide their Tax File Number. 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' Tax File Numbers and uses them only for legally authorised purposes.