Withholding tax may apply to interest earned on your account(s) unless you’ve provided us with your Tax File Number (TFN) or TFN exemption.
Qudos Bank is authorised under the Income Tax Assessment Act to collect TFNs of account holders. You’re not obliged to provide us your TFN or TFN exemption but if you don’t or if you have an overseas home address, we’re required by law to withhold tax.
The money we withhold is paid to the Australian Taxation Office (ATO).
To check that you’ve supplied your TFN, login to Online Banking, click on settings from the dashboard menu, and select “supply tax file number”.
To find out what tax was withheld you can find this information within the Mobile App under account details, within Online Banking under interest details, or on your statements.