Can i open a bank account without a tax file number ?

Question

can you open up a bank account without a tax file number and no photo id ? im 16 & live in australia, thanks !

Answer 1

yes you can but the bank will withhold 48.5% of your interest earned for tax purposes. go to ato.gov.au and search for "no TFN withholding". (assuming you are in Australia).

If you are opening an account which would not have enough funds to be in a position to earn interest than it probably wouldnt matter much to you not to have a TFN.

Answer 2

lol whatta coincidence! i did it today and was worried about the same thing :D bring ya birth certificate, learners/ps (if you have them) and/or a concession card... no money needed either :)

Answer 3

To open a bank account you need to provide sufficient information the gain 100 points. What this is all about is identifying that you are the person you say you are. You do not need a tax file number to open an accoumt. However if you open an account without giving a tax file number, then, any interest earned it that account will have tax deducted at the top rate, around 50%. Go to any bank and ask them what documents you need to produce in order to open an account. They will explain this to you. The link below will will also help you.

Answer 4

Tax file number is not required, however if you don't quote, they withhold tax at the highest tax rate before paying you any interest income.

You don't need a photo id, but you need to have enough "points" of id.  Do you have a birth certicate? A birth certificate plus a Medicare card and another card/statement with your name on it? That should be enough ID.