What’s withholding tax and when’s it deducted?

Withholding tax is deducted from the gross amount of interest paid to you. This automatic deduction only occurs when a valid Tax File Number (TFN) or TFN exemption code has not been provided.

If you provide your TFN or TFN exemption code mid-month, no withholding tax is deducted for that month.

In order to avoid withholding tax on joint accounts, both customers must provide a TFN or exemption code.