Looking closely at my bank statement I was confused about a line that showed Gen W.Tax 46.500 per cent. Upon investigation, I’d been paying nearly 50 per cent of the interest paid on my meagre savings, because I had not supplied a Tax File Number (TFN) to my credit union.
Apparently, if you earn more than $120 in a year from interest, you automatically have this taken out.
I can’t remember being advised about this when my Christmas club account was discontinued and I changed to the offered savings account, nor when this savings form was replaced with another.
I’ve been advised that I will be reimbursed by the credit union for this year’s deductions upon receipt of my TFN before 30 June; and I have to advise the Australian Tax Office (ATO) of the TFN for a (hopeful) reimbursement of the rest.
If I can be caught like this then maybe some of you have been too. Have a good look at your statement.
Gloria Constine, Brunswick Heads