BT launches online TFN recording service
In a move designed to make managing super easier, BT Financial Group has launched an online tool to capture and update customer’s Tax File Number (TFN) information in the lead up to the 1 July super reforms.
From 1 July, there will be new ramifications of not providing a valid TFN. These are that pre-tax contributions, such as employer contributions and salary sacrifice, may be taxed at the highest marginal tax rate (plus Medicare levy), and after tax contributions, including voluntary contributions, will not be accepted at all.
According to BT, an online service was the simple and efficient means of updating and providing TFN details.
BT’s new online process means there is no need to fill in paper forms, or fax details. It is a matter of keying in a few details on the PC or laptop.
BT think it is important to make processes as simple as possible for its members to ensure they would not be paying any unnecessary tax when the new super reforms come into effect.
Its online TFN service is part of a wider BT campaign to inform members of the super changes, as well as the opportunities, and obligations.
They have also established a dedicated line and have been writing to members to let them know about the new developments around TFN provision.
The new secure online TFN process can be accessed from the home page of the new BT public Website. People can check whether a valid TFN is currently held with BT, and if not, they can validate their details and provide their TFN securely online.
23-May-2007