What is a tax file number (TFN)
A tax file number (TFN) is a personal reference number in the tax and superannuation systems. The TFN is:
• A unique number (usually 9 digits)
• An important part of client’s identity
• Client keeps the same TFN even if clients change jobs or names, move States, or go overseas
When to Redact a TFN - Mandatory
Every time you collect client financial information, you need to be aware and ensure that all tax file numbers have been redacted before uploading the documents into Infynity.
When uploading the documents as part of the loan application, ensure you use the tools available (eg. within ApplyOnline). The redaction functionality allows you to remove TFN and other sensitive information from documents before submitting these documents to the Lender.
Typically you will find the tax file number on:
- Tax returns
- Notice of Assessment (NOA)
- Letters from tax office eg. Statement of account
- Payment summary or income statement provided by employer
- Superannuation account statements
Redacting the TFN from the documents will protect sensitive information. Tax File Numbers must be redacted for legal compliance reasons, and failure to do so can lead to heavy fines by the Office of the Australian Commissioner and/or under tax rules.
Compliance Audit
If you do not redact the TFN from documents, you will receive non-compliant feedback, as part of the compliance audit. Pay special attention to the NOA, as it has serval different sections where you need to redact the TFN from.
Refer to the NOA example below.
Below mentioned are the sections where we can find TFN number in NOA.
On Page -1[ refer Annexure 1 for screen shots]
• At the Top right corner - Tax file number
• At the bottom right corner - Tax file number
• Just beneath TFN number – PRN Number.
• After PRN number – there is a bar code and underneath the barcode that there is a TFN number.
• Finally at the footer – First number from the left.
On Page -2 [ refer Annexure 2 for screen shots]
• How to Pay Section
• Payment reference number (PRN)
• Biller code and reference
On Page -3 [ refer Annexure 3 for screen shots]
• Right at the TOP next to client’s Name – TFN number
• And page 4 is all good.
Upload your redacted TFN documents along with all your other supporting documents, to the Documents tab within Infynity as normal.
Tip
If you are using Middle to request supporting documents from your clients as part of the fact find process, Middle automatically redacts Tax File Numbers (TFNs) from documents uploaded by your client into the Middle document centre.
Here's how it works:
1. Your client uploads a document in the Middle document centre
2. Middle automatically identifies and redacts any TFN's within the document*
3. That's it! You're done
*TFN redaction currently applies to document that are under 100 pages in length.
These redacted documents will then import into Infynity as part of the review and import process.
Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only