2 weeks ago
Recently in my Hero Saver Account I'm receiving fees called "Tax File Number Tax" and the fee is increasing monthly. I'm just wondering if there is any way to elimante this fee (e.g. is it just a matter of me declaring my tax file number?) and how I would go about that?
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2 weeks ago
Hi @Steph1, I can certainly help with that
Tax File Number tax is collected by banks on behalf of the Federal Government. The tax is raised for bank accounts that have the potential to earn in excess of $120 in interest income per annum and where the bank has not been notified of a Tax File Number for all parties to the account. This tax can be avoided by notifying Bankwest of your Tax File Number. It is also necessary to note that this tax can be reclaimed on your Income Tax Return. Further information regarding Tax File Number tax may be obtained directly from the Australian Taxation Office, or your personal Tax Advisor.
If you would like to lodge a Tax File Number with Bankwest, you are able to do so by calling our Contact Centre on 13 17 19 between 8am - 8pm your local time. Hope this helps!