The Federal Budget 2021-22 included good news for super members. Find out what it could mean for you.
What are my obligations with my employee’s Tax File Numbers (TFN)?
If an employee provides you with their TFN, you’re legally required to give that number to their chosen super fund. An employee who doesn’t provide a TFN can’t make any personal contributions into their super account and may pay more tax on their super.
If an employee has a TFN but does not give it to you, any contributions you pay into their account will be taxed at the highest rate of 45%, plus the 2% Medicare levy.