Tax File Number & Tax Rates
You have the choice of whether or not you quote your tax file number.
If you decide not to quote your number, then tax will be deducted from your benefit at the highest personal tax rate plus Medicare levy. Any release in total or part of a member's balance under financial hardship claim attracts a rate of 47% due to the Tax Office ruling, even if you have supplied a TFN.
What Tax rate do I pay?
The Tax rate you pay is dependant on the type of payment being made, if there is a TFN on file for you and if you are over the preservation age. Below is the breakdown of Tax rates based on payment type and preservation age.
Please Note: If a Tax file number is not stored on our system for you you will be taxed at the 47% rate.