We want to help you get the most from your super investment. That’s why we encourage you to supply your tax file number to avoid paying tax penalties.
If we do NOT have your TFN recorded:
- Your concessional employer contributions and salary sacrifice contributions will be taxed at the highest marginal tax rate plus Medicare Levy, currently 47%, instead of the usual 15% rate.
- You will not be eligible for the Low Income Super Tax Offset
- You will not be able to make any voluntary non-concessional (after-tax) contributions
- You will not be eligible for the Government Co-contribution or to receive Spouse contributions from your spouse
- Additional taxes may apply when withdrawing your super as a lump sum
- You will not be able to commence a Media Super pension
- We will not be able to help you search for any lost super held by the Australian Tax Office
Providing your TFN will also make it easier for you to trace different super accounts in your name so that you receive all your superannuation benefits when you retire.
It’s your responsibility to provide your TFN
As a member of Media Super it is your responsibility to ensure that Media Super has your TFN on file. If your employer has neglected to supply your TFN you may still be subject to additional tax.
The additional tax will be deducted directly from your Media Super account either at the end of the financial year or when any part of your account balance is withdrawn, whichever occurs first.
Provided that you supply us with a valid TFN within three years of the end of the financial year that the contributions are made, you may be entitled to a refund of the additional tax. Please note that refunds are subject to processing by the ATO.