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Opening bank account and getting TFN on reccie

Opening bank account and getting TFN on reccie

Old Oct 19th 2006, 6:06 am
  #1  
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Smile Opening bank account and getting TFN on reccie

Mrs Buzzy is planning on opening an HSBC bank account and getting her TFN while we are on our reccie next month.

Couple of questions -

- Is her passport sufficient ID for the bank account? How does she prove an Oz address or doesn't she need to?
- Is it financially advantageous for her to supply a TFN for the bank account if we are not going to be Oz Tax residents yet?
- If she gets the TFN online, how do they know we are in Oz? Are the Tax office and Immigration computer systems linked? (just interested in the last one!)

Thanks for any advice

Buzzy
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Old Oct 19th 2006, 6:25 am
  #2  
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Default Re: Opening bank account and getting TFN on reccie

Originally Posted by Buzzy--Bee
Mrs Buzzy is planning on opening an HSBC bank account and getting her TFN while we are on our reccie next month.

Couple of questions -

- Is her passport sufficient ID for the bank account? How does she prove an Oz address or doesn't she need to?
- Is it financially advantageous for her to supply a TFN for the bank account if we are not going to be Oz Tax residents yet?
- If she gets the TFN online, how do they know we are in Oz? Are the Tax office and Immigration computer systems linked? (just interested in the last one!)

Thanks for any advice

Buzzy
The passport is sufficient ID for opening an account with HSBC. I don't think we had to prove an Oz address but we had to provide one so that they could send us letters.

If you don't provide a TFN, there will be some tax withheld from the interest paid to you, wether or not you're tax resident. If you're only depositing the minimum of $2000 it's not a big deal. But once you've got a fair amount in your account, you will want to give them your TFN.

Yes, ATO and DIMIA do share some information:
When you apply online, the system will compare your personal and travel document details with those held on the DIMIA systems. If your details are validated by DIMIA, you will get a receipt number.

Source:
http://www.ato.gov.au/content/downloads/nat1753.pdf

Cheers,
Mrs JTL
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Old Oct 19th 2006, 6:54 am
  #3  
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Default Re: Opening bank account and getting TFN on reccie

Originally Posted by Buzzy--Bee
Mrs Buzzy is planning on opening an HSBC bank account and getting her TFN while we are on our reccie next month.

Couple of questions -

- Is her passport sufficient ID for the bank account? How does she prove an Oz address or doesn't she need to?
- Is it financially advantageous for her to supply a TFN for the bank account if we are not going to be Oz Tax residents yet?
- If she gets the TFN online, how do they know we are in Oz? Are the Tax office and Immigration computer systems linked? (just interested in the last one!)

Thanks for any advice

Buzzy
You need an Australian address to apply for your TFN number. You apply online, then they post it to you within 10 days. Not sure if the bank will also need an address of some kind?
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