IIF and tax
Supplying your Tax File Number
As a member of IIF Coop, you have the option of supplying us with your Tax File Number (TFN). The collection, use and disclosure of Australian tax file numbers is regulated by Taxation Administration Act and the Privacy Act.
You may choose not to quote your TFN. However, if you do not quote it, withholding tax will be deducted from your interest earned.
If you are entitled to an exemption, you should advise us of your type of exemption and provide any supporting documentation we may require.
If we do not have your TFN or a valid exemption, we are required by law to deduct withholding tax from the interest earned on your investments. Any tax we withhold is paid to the Australian Taxation Office (ATO).
Please note that your TFN or exemption will be applied to any future purchases unless you specify otherwise. For more information, go to www.ato.gov.au.
How to provide my TFN?
Your TFN can be securely added via the IIF app. To provide your TFN, open the app, tap the three lines in the top right corner and select ‘My Profile’.Most IIF members will be investing as an individual, but if your farm assets are held in another entity, such as company or trust, select “Registered Entity” and provide tax information for that entity.
Maintaining your information
The TFN and ABN information provided to us will be kept confidential by IIF and will only be provided to the ATO as required by the Australian tax laws.