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Superannuation law requires trustees to ask you, as the member, to provide your Tax File Number (TFN) to your Super Fund. If the administration of your fund is outsourced to a third party, the trustees will also provide your TFN to this third party.
Providing your TFN to your Super Fund will allow the trustees (and third parties engaged by the trustees) to use your TFN for purposes stated in superannuation law. These purposes include:
Taxing superannuation payments at concessional rates;
Finding and amalgamating your super benefits where insufficient information is available;
Passing your TFN to the ATO when receiving a benefit or you have unclaimed money after reaching your pension age;
Providing your TFN to a super fund receiving any benefits, you may transfer; and
Reporting superannuation contributions information to the ATO.
You are not required to provide your TFN. Declining to quote your TFN is not an offence. However, if you do not give your fund your TFN, either now or later:
You may pay more tax on your super benefits than you have to (you will get this back at the end of the year in your income tax assessment);
It may be more difficult to find your super benefit or amalgamate any multiple accounts if you change your address without notifying the Trustee; and
Third parties appointed by the trustees may not be able to provide administration and other services while you are a member of the fund.