Protecting your Tax File Number

As seen in Woopi News November 2021

There’s no doubt we are all aware there has been a big shift towards moving our identities online. We are now verifying our identity on multiple online platforms such as MyGov and Service NSW.  We now have electronic licences and often people have photos of their licence, birth certificate and even their Tax File Number (TFN) stored on their devices or floating around in their emails. I know many people carry around a little book full of passwords and other important information.  We don’t realise just how at risk we are until something goes wrong.

We all dislike passwords, we have so many it’s hard to remember which one is for what, constantly changing them, it’s never ending but we all know how important passwords are. We need to treat our TFN like a password. There are only a few people we should be giving our TFN to, such as your accountant, your bank, superannuation fund and your employer. Try not to email your Tax File Number or a document that contains your Tax File Number, unless you password protect the document.  Emails are not secure which is one of the reasons why the annual Income Statement (formerly PAYG Payment Summary) has moved online.

Accountants have always had to verify a new client’s identity and recently there has been a big focus on accountants keeping a record of how we verified a new client’s identity. This has become even more important locally as our beautiful town grows, as let’s face it, gone are the days you could walk into the local supermarket or cafe, look around and know most of the people there.  Be assured at StaySharp Accounting we are doing everything we can to protect our clients’ identities.

If you would like assistance preparing your Income Tax Return, please feel free to book in via our website. If you believe you’re due a refund and would like to receive it in time to do your Christmas shopping, please book in before the end of this month.