Hi , I am starting a business in Australia and a bank account at a Big 4 Bank in Australia. I understand that there would be withholding tax consequences, however can I choose not to provide my ABN to the bank ?
Hi @lotsofques123,
It's not compulsory to give the bank your ABN. I've linked our page so you can read more info about quoting your ABN to a bank.
Hi @lotsofques123,
It's not compulsory to give the bank your ABN. I've linked our page so you can read more info about quoting your ABN to a bank.
Thank you @rachelATO, what is the source of this? is there a piece of legislation that says I do not have to quote my ABN to the bank?
Hi @lotsofques123,
There is no law that says you don't have to provide an identifier (such as your TFN or ABN). Just as there is no law that says you have to provide it.
The bank though (the same as any employer), is required to withhold at the highest marginal rate, if they do not have this information.
The Privacy rule is discussed here in more detail.
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