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Why we need your TFN

Mercy Super is authorised by law to ask for your TFN. You do not have to provide it but if you don’t, you may end up paying more tax than you need to when you make contributions or access your benefit.

When we have your TFN we will only use it for lawful purposes based on current legislation. We may pass your TFN to any other super fund or account to which your super is transferred in the future, unless you request in writing that this is not to be done.

By providing your TFN:

  • We will be able to accept all types of contributions made by or for you
  • You can avoid paying tax at a higher rate than would otherwise apply on your super benefit and contributions
  • It will be easier for you to find your super in the future and ensure that you receive all of your super benefits when you retire

Choosing to withhold your TFN is not an offence. However, if you don’t provide your TFN:

  • We will only be able to accept contributions made for you by your employer. No other contributions, for example personal after-tax contributions, can be accepted
  • You may pay more tax on contributions made for your behalf by your employer
  • You may pay more tax on your super benefit than you would otherwise (although you can claim this back when you lodge your tax return)

In some circumstances, you may be able to claim back this additional tax, however time limits, fees and other rules may apply.

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