Govt addresses super TFN problem with 1.85 million letters
The Federal Government has moved to address the lingering tax file number (TFN) issue by ensuring the Australian Taxation Office (ATO) provides the data to superannuation funds unless consumers specifically ask it not to.
The move, announced on Wednesday, resolves one of the lingering problems confronting its new ‘simple super’ regime, and will see the ATO writing to all 1.85 million people whose super fund or retirement savings account does not have their TFN.
The Assistant Treasurer, Peter Dutton, said people who received the letter did not have to do anything because the ATO would simply be letting them know their TFN was being provided to their superannuation fund.
He said anyone who did not want their TFN provided to their fund or retirement savings account needed to contact the ATO within 28 days of receiving the letter.
Dutton said while the ATO would be providing TFNs to superannuation funds, it was still a good idea for people to check their status.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
