Hi, I'm a foreigner living overseas most of the time with an overseas address and with an Australian address when I visted my family in Australia.
I didn't work in Australia but have Aus bank account to support my children's study and for bank interests. I noted that the bank used to withhold tax for my interest earned at about 10% before, but I just found out that the bank withheld about half of the interest for tax since last year end.
I don't know if this is related to my provision of my Aus address on top of my overseas address, or any other reasons. I checked with the bank. They just replied that because i don't have a TFN, and asked me to check with the Aus Tax Office.
I want to ask
1) why the withholding tax is so high?
2) i don't work in Aus and have no TFN. Can I apply for TFN exemption?
3) can I reclaim back the tax held by the bank last Dec 2023 ?
3) How and where I can reclaim ?
Would be much grateful for your advice please.
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