[H-ADMIN] Getting our tax back

Russell Stuart russell-humbug at stuart.id.au
Sun Dec 16 20:44:25 EST 2012

Regarding the tax held back by the bank, Greg and I asked our respective
accountants.  Greg's has responded.

The short answer is we have to get a Tax File number.  This seems simple
enough to do.  You just go to http://abr.gov.au/ click "Apply for
Business Tax File number" in the menu on the left, and follow the
bouncing ball.

The only tricky part is the bouncing ball requires names and addresses,
and a business address for Humbug (we don't have one).  I'd suggest the
correct addresses are the President and Treasurer, and use the
President's home address as the contact address.

Anyway - this is more of a task for the treasurer than me.  He can sort
it out.

Here is the accountants advice in full:

        The tax is withheld by the bank because no Tax File Number for
        the organisation was supplied to the bank. 
        Supplying a TFN will stop this.
        As for getting the money back – some banks will credit it back
        as long as the interest withhold occurred during the current
        financial year and the TFN is supplied in the current financial
        year (ie if the interest was in a prior financial year then it
        is not possible to do this).
        If the organisation is a non-profit organisation and has a TFN
        then all it needs to do is submit a tax return advising that TFN
        Withholding tax was deducted from interest earned and the ATO
        will refund the amount but this is nearly 6 months away if the
        withholding occurred recently in the 2013 financial year.

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