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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
