Key Points
- TFN is a personal reference number identifying people within the Australian taxation and superannuation system.
- At the same time, an Australian Business Number or ABN is issued to all entities registered in the Australian Business Register.
- In this Kwaderno podcast episode, we will discuss the step-by-step process on getting a TFN or ABN and ways to protect your personal reference numbers.
"How and where should I get it?"
Is this the question that you asked yourself upon knowing that you should get a TFN as an international student in Australia if you plan to work further?
In this Kwaderno podcast episode, we will discuss the step-by-step process on getting a TFN or ABN and ways to protect your personal reference numbers. Source: SBS
The Tax File Number or TFN is a nine-digit personal reference number needed in Australia for working and superannuation funds. While getting a TFN is not compulsory for international students, they are encouraged to get one.
On the other hand, an Australian Business Number or ABN is a unique 11-digit number that identifies your business to the government and community.
These are both issued by the Australian Taxation Office (ATO) to taxpaying individuals or businesses.
Source: SBS
Obtaining a TFN or ABN can be completed through the ATO website.
In getting your Tax File Number:
1. First, you may type "Apply for a TFN" in your search bar. This option will appear at the top search from the Australian Taxation Office and you may click on it.
2. Then, select "Foreign passport holders, permanent migrants, and temporary visitors - TFN application".
3. Scroll down and click on "Apply online for a TFN".
4. Click the start button and you will be directed to a page where you should fill out the information requested by the ATO website until you submit it.
You will receive your TFN in not more than 28 days.
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In getting an Australian Business Number:
1. You may visit business.gov.au and type "Applying for an ABN" in the website's search bar.
2. You will be directed to a page where you can process obtaining an Australian Business Number until you provide the necessary documents and information.
You will receive your ABN in not more than 20 days.
Isagani Manaois, an accountant of TaxSmartCafe
An international student in Australia can get an ABN if they want to work as a sole trader or offer their services to specific industries in the country, according to TaxSmartCafe senior accountant Isagani Manaois.
"International students are entitled to get an ABN. Sometimes companies ask them to issue invoices for plenty of reasons," says Manaois.
Should you give the details of your TFN easily?
The answer is no. Manaois stresses that you should only give your TFN to six 'trusted' organisations:
1. Australian Taxation Office or ATO
2. Services in Australia or Centrelink
3. Bank of choice
4. Employer
5. Superfund
6. Registered tax agent
Source: Getty / Getty Images/urbazon
Remember, life is a wave. You got this.
Kwaderno (Notebook) is a podcast series of SBS Filipino that focuses on the experiences of international students who are navigating their lives in Australia. This will offer engaging and informative content for every international student residing in the country.
Disclaimer: The information in this podcast and article serves only as a guide. For additional information regarding your particular issue or situation, consult with legal, financial, and tax experts, and/or respective agencies.
