It is not compulsory to have a tax file number or even to apply to the Tax Office for one. It is also not compulsory for you to quote your tax file number to your employer or the body with whom your are investing. Those entitled to Social Security payments or Veterans Affairs pensions will not receive any payment until a tax file number is quoted. Employer and other deductible Superannuation contributions will subject to the Superannuation Surcharge until a tax file number is quoted. Investors must be notified of tax being withheld when financial statements are issued or within 21 days of them receiving a written request from the investor.
Some investors are exempt from providing a tax file number.
In order to protect individuals the Privacy Commissioner has issued strict privacy guidelines, which impose stringent requirements on those, authorised to collect and use Tax File Number information. If a taxpayer feels that he or she has been affected by a breach of privacy they have the right to complain to the Privacy Commissioner for their case to be heard. A claim for compensation may be considered appropriate in certain circumstances. Full details on the taxpayer's rights under the Privacy Rules may be obtained from the Tax Office. Telstra is not a qualified adviser and this information has been prepared without taking into account any individual circumstances.