Child TFN exemption code

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TeddyATO · Answer

Normally you will discuss this with the bank in question. If you are going to use an exemption reason (https://www.ato.gov.au/Forms/TFN-and-ABN-information-for-savings-accounts-and-investments/) for not withholding then they will have forms you will need to fill out. This should be done sooner rather than later to make sure that everything is in place for the end of tax year information transfer the banks do. Many banks if not prompted just withhold as it will be corrected in tax returns.

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