A Tax File Number (TFN) is a unique identifier issued by the Australian Taxation Office (ATO) to individuals and organizations for managing their tax and superannuation records.
Employees must provide their TFN to their employer to ensure that their tax is calculated correctly.
For example, if an employee does not provide their TFN, they may be taxed at the highest marginal rate, resulting in a larger tax deduction from their pay.
Having a TFN is essential for accessing various government services and benefits.
