Super can be a tax effective way of investing for retirement. There are various tax rules that affect a member’s super, there are advantages to making sure that Health Super has members’ Tax File Numbers (TFNs).
What do you need to do when your employee declares their TFN?
When your employee completes a TFN declaration form, you must pass their TFN onto Health Super when you make employer contributions for them.
If you don’t pass on your employee’s TFN you are not meeting your obligations and:
- you may be liable to pay a penalty
- Health Super may have to pay extra tax on the contributions
- your employee may miss out on Government Co-Contribution payments.
If you make employer contributions for an employee, you need to give their TFN to us within 14 days of receiving your employee’s TFN declaration form or, if you’ve received the TFN more than 14 days before having to contribute.
You only need to pass their TFN on to us when you start making contributions.
Privacy: The Trustee is authorised to collect, maintain and use TFNs under superannuation and other legislation. It handles TFNs in accordance with its Privacy Policy.
