Are there any taxes applicable on my savings?
What happens when TFN/ABN are not provided?
In line with Australian tax law, we'll deduct withholding tax from any interest credited to your savings account before the interest is paid, such that the interest received will be net of taxes.
We’ll apply the withholding tax rate in force at the time of interest being paid into your savings, so it may change based on the applicable regulations. You can see the tax rate applicable in the ‘Savings’ tab of your Revolut Business app.
What happens when I provide my TFN/ABN?
If you supply your TFN or ABN after your account has been opened and interest has already been withheld, all previously withheld tax will be immediately credited back to your main Revolut wallet.
To ensure these funds continue to grow and earn compound interest, you will need to transfer them from your main wallet back into your chosen savings account.