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Bank app
So have an appointment at bank this arvo..just wanted to clarify, if they ask, as trustee they can have my tfn, but i am not obliged to give beneficieries tfns. Is that correct? If they say they need them, i respond with its unregistered and dont report them and tell them that some people have pets as beneficieries and they have no tfn. Or even offspring are beneficieries they dont have tfns. Anyway, any tips appreciated.thanks
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This discussion was modified 1 year, 10 months ago by
risingsun.
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This discussion was modified 1 year, 10 months ago by
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7 Replies
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hello MJ of H family. thank you so much for sending me that pdf….it was so much help….when asked what the trust was going to be used for i said asset protection which is what it will be…..but all the info in the pdf was v comforting to have in my back pocket in case i needed it. the trust may be used for providing community services aswell, but i didnt mention that … i have to say the lady in the bank was v friendly and although had to ask me a few questions seemed to be happy with my responses…as long as they can get the boxes ticked they seem to be ok…couple of times, she just had to tick “other” when the answer i gave didnt match anything the banks options gave! it got approved within 2 days…just waiting for card to come through now. I didnt give TFN….i could have, but there was an option not to, so i picked that….thinking had there have been an issue with the verfification team, i would have given it…..
just as general advice to anyone..i aired on the side of caution with my answers each time and gave minimal info, but at the same time one has to be friendly and create a good relationship with bank ….they are not out to get us…they just have a job to do and must do their due diligence… anyway, thanks to everyone for their answers..u have helped me immensely…give yourself a pat on the back! …..its all an unfolding experience and one has to get out of ones comfort zone…as u say morag..see it as a research project…..thanks to all agin and have a lovely weekend…
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Fantastic!!! That is such wonderful news, thanks for letting me know 🙂
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I didn’t give them my tfn and it was fine.
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Did they ask for it? If yes how did you get out of handing it over?
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yes you do not have to give a TFN. If you do not, 50% of all interest will be given directly to the ATO and is not recoverable. The remainder of interest will be charged tax at the Personal Income Rate.
If you can get a non interest bearing account then it doesn’t matter. This what I did initially, however the bank I used closed all non interest bearing acc’s and I had to open another acc. Obviously they pay a pittance in interest anyway so it’s here nor there. Just means doing time wasting calculations on tax returns.
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Did you go to another bank to open another non interest bearing account?
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