If you’re wondering how to find your business tax file number, the process is actually quite simple. Here’s a quick guide to help you get started.
Checkout this video:
Introduction: What is a business tax file number and why do I need one?
A business tax file number (TFN) is a unique nine-digit number that identifies your business to the Australian Taxation Office (ATO). You need a TFN to:
-lodge business tax returns
-claim tax refunds and other entitlements
-apply for certain government benefits and licences.
If you don’t have a TFN, or quote the wrong one, you may pay more tax than you need to. You may also miss out on entitlements such as fuel tax credits.
How to find your business tax file number
Most businesses will need a tax file number (TFN). You can use your TFN to:
-lodge your business activity statements
-apply for an ABN
If you’re already registered for GST, your business name and ABN will be linked in the Australian Business Register (ABR). When you apply for your TFN, include your business name and ABR.
How to use your business tax file number
Your business tax file number (TFN) is issued by the Australian Taxation Office (ATO).
You will need your TFN to:
-register your business with the ATO
-lodge your business tax returns
-pay your business taxes
You can find your business TFN on any correspondence you have received from the ATO, or you can contact the ATO directly to request it.
The benefits of having a business tax file number
Your business tax file number (TFN) is your unique identifier with the ATO. It helps us keep track of your tax obligations and ensures you pay the right amount of tax.
A TFN is also used by other government agencies, so it’s important to have one if you want to:
-apply for a business license or permit
-set up a company
-register for GST
-open a bank account in the business name.
The consequences of not having a business tax file number
If you don’t have a business tax file number (TFN), you may have to pay higher rates of tax. You may also find it difficult to open a bank account or get credit.
It’s compulsory for all businesses to have a TFN, so if you don’t have one, you should apply for one as soon as possible.
Applying for a TFN is easy and you can do it online. You can also get a TFN by calling the Australian Taxation Office (ATO) on 13 28 61.
How to keep your business tax file number safe
It’s important to keep your business tax file number (TFN) safe. If you lose it, you could risk losing your business identity and any future entitlements.
There are a few steps you can take to make sure your TFN is kept safe:
– Keep your TFN in a safe place, such as a locked drawer or safe.
– Make sure only authorized staff have access to it.
– Destroy any old documents that contain your TFN. This includes shredding or burning them.
– Be careful when disposing of electronic devices that contain information about your TFN. Make sure you remove all traces of the TFN before getting rid of the device.
If you think your TFN has been lost or stolen, you should contact the ATO as soon as possible on 1800 060 062.
How to change your business tax file number
If you need to change your business tax file number (TFN), you’ll need to contact the Australian Taxation Office (ATO).
You can do this by:
– calling the ATO on 13 28 61
– going to a local ATO office – use the office finder to locate your nearest office
– visiting the ATO website and submitting an online enquiry form
– writing to the ATO at GPO Box 9977, in your state capital city
When to give your business tax file number to others
You may need to give your business tax file number (TFN) to:
– your employees
– your bank
– businesses you deal with, for example your accountant or solicitor
If you’re a sole trader, you can use your TFN instead of applying for a separate business number.
What to do if you lose your business tax file number
If you lose your business tax file number (TFN), you can apply for a new one by:
– contacting the Australian Taxation Office (ATO)
– filling out a form
– providing identification
FAQs about business tax file numbers
Q: Do I need a business tax file number?
A: You’ll need a business tax file number (TFN) if you carry on a business. This includes if you’re:
-a company director
-a trustee of a trust that carries on a business.
You use your TFN to:
-lodge tax returns, activity statements and other forms to us
-register for GST
Q: How do I apply for a business TFN?
You can apply for a TFN online or by completing and lodging the Application for registration as an employer (NAT 1092).