It’s not compulsory for you to supply us with your TFN. However, if you don’t supply your TFN, Australian Business Number (ABN) or an exemption status, then we’re required by law to deduct withholding tax from any interest earned on your account at the highest applicable marginal tax rate, plus the Medicare Levy, and forward this amount to the Australian Taxation Office.
Providing your Tax File Number (TFN)
Will you be charged withholding tax?
You may be charged withholding tax on your Transaction, At Call investment or Term Deposit account if you do not provide a TFN, ABN or an exemption status when the account is opened.
- For Term Deposits, you need to provide a TFN, ABN or an exemption status before the term matures.
- For Transaction or At Call accounts, you need to provide a TFN, ABN or an exemption status prior to the first interest payment posting to the account.
Withholding tax applies to accounts that earn more than $120 interest per annum.
See the Deposit Products and Non-cash Payment Facilities Product Disclosure Statement (PDS) for more information. You can provide a TFN at any time while the account is open.
Can you claim back withholding tax?
If your account has been charged withholding tax, you may be able to claim it back when you complete your next tax return. If you need further assistance, we recommend you seek independent taxation or financial advice.
Provide TFN, ABN or exemption details online
You can provide TFN, ABN or exemption details for an account on Macquarie Business Online.
- Log in to Macquarie Business Online
- Select the account you’d like to update from your account list or dashboard
- Navigate to the Details tab, where you can see account information
- Under the account name, BSB and number you’ll see an Account actions button
- Select Update beneficiaries
- A list of beneficiary details for the account will be displayed (this screen includes their tax status)
- If you need to change the details of an existing beneficiary, including adding tax details, simply select the Pen icon to edit their details.
- If you need to add a new beneficiary, you can do that by selecting Add another beneficiary. If you’re adding another beneficiary, you’ll need to provide their name, address, and tax information, so be ready to provide a valid ABN, TFN or a reason for tax exemption.
- Once you’ve saved any changes to the beneficiaries and selected Next, you’ll see a summary of the beneficiaries that were modified or added
- Check all details are correct and select Submit.
Once you’ve submitted your TFN, ABN or exemption details, you can track the progress of the request through Task Centre.
Account details and favourites
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Withholding tax and TFN
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