Have you recently taken on a new employee? If the answer is yes, have they completed a TFN declaration through ATO Online Services? Did you know there is now an easier way for an employee to provide both yourself as the employer and the ATO with the information needed when beginning employment.
The TFN Declaration will assist you as the payer to work out what tax to withhold.
There are 3 simple steps to completing this process for your employees to follow:
- Access ATO Online Services
- Go to the “Employment” menu
- Select “New Employment” and complete the form
Once submitted, this form sends the TFN declaration straight to the ATO so you as the employer doesn’t have to. Please keep in mind you will need to provide the new employee with your ABN to complete the form.
After submission the employee will print the completed form and provide it to you. From here you can input the data into your chosen system.
The form can be substituted instead of a number of different forms including:
• Withholding Declaration form
• Medicare Levy Variation Declaration form
• Superannuation Standard Choice form
Your employee can also use this as a way of updating tax circumstances such as; their residency status, they no longer have a government study and training loan or they are claiming the tax-free threshold from a different employer.