What is withholding tax?

Unless you’ve provided us with your Tax File Number (TFN) or TFN exemption, withholding tax may apply to interest earned on your account(s).

We are authorised under the Income Tax Assessment Act to collect TFNs of account holders. You’re not obliged to provide us with your TFN or TFN exemption, but if you don’t or have an overseas home address, we’re required by law to withhold tax.

The money we withhold is paid to the Australian Taxation Office (ATO).

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