Don't pay an additional 31.5% on your super. Supply your Tax File Number to HESTA today
Many super fund members who haven't supplied their Tax File Number (TFN) will be hit with an additional 31.5% tax on their employer contributions (including salary sacrifice).
Also, if you don't supply your TFN, we'll be unable to accept any voluntary after-tax contributions you make. This means you could miss out on receiving the government co-contribution.
Legally you don't have to supply your TFN to HESTA but it does make good financial sense.
Your privacy is important to HESTA. We're required by law to safeguard your TFN, so you can be sure we'll use it only for lawful superannuation purposes.
Why HESTA asks for your TFN
HESTA is authorised to collect your tax file number (TFN) under the Superannuation Industry (Supervision) Act 1993 (SIS). This notice is to confirm the conditions under which your TFN will be used if you have already provided, or are in the process of providing, your TFN to HESTA.
Supplying your TFN is voluntary, and it is not an offence if you choose not to provide it. HESTA is required by law to take the necessary steps to properly safeguard your TFN, and our intention is to use it only for lawful superannuation purposes*.
HESTA may disclose your TFN to another superannuation provider if your benefits are transferred, unless you instruct us in writing not to disclose it to any other fund.
* Please note: New legislation may result in changes to these purposes.
Advantages of providing your TFN to HESTA include:
HESTA will be able to accept all types of contributions to your account and the ATO will find it easier to determine any entitlements you have to a government co-contribution on any personal after-tax contributions you make
you will not have to pay the top marginal tax rate (plus the Medicare Levy) of 46.5% on contributions made to your super account/s
no additional tax will be deducted when you start withdrawing your super benefits (other than the tax usually deducted from super)
it will make tracing different super accounts in your name much easier, so you can combine all your super accounts into one (if you wish) and receive all super benefits due to you when you retire.
It's easy to supply your TFN to HESTA