goodmorning Posted February 22, 2016 Report Share Posted February 22, 2016 Greetings. This question has been bugging my mind and please I need clarity. We intend to open our bank accounts while still in SA (online) so that we can start transferring rands to AUD. I understand that the accounts will only become active once we walk into the bank in Oz and complete the identification process. My question is about the TFN (tax file number). I read that I can only apply for the TFN when I get to Oz. So if I open a bank account now online while still in SA, wont I be charged highly since I will not be able to supply the bank with my TFN untill I get it in Oz? Also, what is the best way to transfer funds to Oz if one is banking with, say, Fnb? Please help Quote Link to comment Share on other sites More sharing options...
21yearsoutofrsa Posted February 22, 2016 Report Share Posted February 22, 2016 You are a non resident for tax purposes and will be taxed at the non resident rate, not the "unprovided tax number" rate. https://www.ato.gov.au/Business/PAYG-withholding/In-detail/Foreign-resident/Withholding-from-interest-paid-to-foreign-residents/ Quote Link to comment Share on other sites More sharing options...
RedPanda Posted March 7, 2016 Report Share Posted March 7, 2016 As far as I know it is also possible to claim back the additional tax paid for 'growing' money in a savings account, when you finally do provide them with a TFN. I suppose there is a time limit within which to do this, but I don't know how long it is or if it links up with their financial year end. Quote Link to comment Share on other sites More sharing options...
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