I have a High Interest savings account and have been getting Resident Withholding Tax at the end of every month on interest earnt. Have recently found out that my Financial Institution didn't have my TFN and that is why I was getting Resident Withholding Tax on my Savings account.
Question 1 - Now that my Financial Institution has my TFN does this now mean I will no longer have the Resident Withholding tax taken from the interest on my savings account? or does mean I will be taxed at a lower rate on my interest? or is this tax now calculated at EOFY Tax Time based off of income?
Question 2 - I have already done my tax return for 2023-24, is their any way to claim back any Resident Withholding Tax that may be owed to me? really unsure if it was already added to my tax return or where to go from here.
Cheers,
Shaun.
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