Question: what is tfn withholding tax?
Answer: Tax File Number (TFN) withholding tax If your bank doesn't have your tax file number (TFN), it will withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return. You don't need to provide your TFN if: you are under 16 years of age.