Apply for a Tax File Number for new entities and partnerships
Companies, trusts and partnerships need a TFN to file tax returns and claim TFN exemptions.
Who must comply
Companies, trusts, partnerships, super funds.
What triggers it
Entity formation.
When due
Before first income tax return.
Evidence required
TFN issued by ATO.
Max penalty
Admin friction + 47% withholding on interest payments without TFN
Summary
Non-individual entities must apply for a TFN via the ABN application process. Without a TFN, the entity cannot lodge tax returns electronically and may face PAYG withholding on interest income.
Enforced by
Source legislation
Topics
Source: https://ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/before-you-get-an-abn/registering-for-an-australian-business-number-abn. Rules Mate is not a law firm. Always verify against the live regulator source before acting.