I noticed on my 8 year old daughter's bank statement that she is being charged a monthly resident withholding tax on her savings account. Do I need to apply for a TFN on her behalf to avoid this charge? I rang our bank however they advised me to call the ATO, which I have tried and I cannot get through to anyone.
Hi @LindsayAO
The withholding tax does apply if you have not provided us with an ABN, TFN or TFN exemption.
If you register a TFN for your child and provide this to the bank, the resident withholding will stop, and you can request a refund of the amounts withheld via refund of over-withheld withholding application form or in the Tax return for the relevant year the withholding applied.
Hi @LindsayAO
The withholding tax does apply if you have not provided us with an ABN, TFN or TFN exemption.
If you register a TFN for your child and provide this to the bank, the resident withholding will stop, and you can request a refund of the amounts withheld via refund of over-withheld withholding application form or in the Tax return for the relevant year the withholding applied.
15 Apr 2026 · 4 min read time
16 July 2025 · 5 min read time
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