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TFN tax withheld on bank interest

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I didn’t provide my TFN for a new account and have subsequently been charged tax. I have now provided my number but was wondering how I claim this tax back. The bank said I have to do it though the ATO. Is there a section on the tax return that I can declare excessive tax withheld when I claim interest as income?
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Devotee

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Hi @Hokeypokey,

 

Thanks for your question! If your bank has withheld additional amounts because they didn't have your TFN recorded, you can claim this back on your tax return -  but how you claim it depends on the method you use to lodge.

 

If you're using myTax (via myGov):

  • Open up your tax return
  • Check your contact details and financial institution details in steps 1 & 2
  • In 'Personalise return', tick the box 'You had Australian interest, or other Australian income or losses from investments or property', then pick 'Interest' from the drop down menu. Finish selecting the items you need to include then press 'Next'
  • On the 'Prepare your 2017-18' return screen, click 'Add/Edit' on the 'Interest' tab, then click 'Add' on the next screen.
  • Enter your 'Total gross interest' and the 'Total TFN amounts withheld' so we can work out how much tax should have been withheld.

If you're lodging a paper tax return:

  • Go to item 10 - Interest on page 3
  • Complete item L - Gross interest
  • Complete item M - tax file number amounts withheld from gross interest. We'll use this information to establish how much tax should have been withheld.

Hope that helps!

1 REPLY 1
Highlighted

Most helpful response

Devotee

Replies 0

Hi @Hokeypokey,

 

Thanks for your question! If your bank has withheld additional amounts because they didn't have your TFN recorded, you can claim this back on your tax return -  but how you claim it depends on the method you use to lodge.

 

If you're using myTax (via myGov):

  • Open up your tax return
  • Check your contact details and financial institution details in steps 1 & 2
  • In 'Personalise return', tick the box 'You had Australian interest, or other Australian income or losses from investments or property', then pick 'Interest' from the drop down menu. Finish selecting the items you need to include then press 'Next'
  • On the 'Prepare your 2017-18' return screen, click 'Add/Edit' on the 'Interest' tab, then click 'Add' on the next screen.
  • Enter your 'Total gross interest' and the 'Total TFN amounts withheld' so we can work out how much tax should have been withheld.

If you're lodging a paper tax return:

  • Go to item 10 - Interest on page 3
  • Complete item L - Gross interest
  • Complete item M - tax file number amounts withheld from gross interest. We'll use this information to establish how much tax should have been withheld.

Hope that helps!