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If you choose to not provide your TFN, we're required to withhold 47% of your interest income before it's credited to your Instant Access Savings.

The deductible tax needs to reach $0.01 before we begin withholding this tax. In cases where it's less than this amount, we'll continue to accrue your interest until it reaches $0.01 (at which point it's deducted from your next interest payment).

As a result, the tax rate for each interest payment may be different. To see the tax withheld on your total interest payments, you can generate a statement to include all your Savings accounts. Read this FAQ to learn how to calculate interest and tax on Instant Access Savings.

If you submit a valid TFN after having tax withheld, you will receive a refund of the withheld tax from all of your personal Savings accounts. After submitting a valid TFN, it will lower your withholding tax rate on interest earnings to 0%.

The withheld tax refund is paid to your personal account, not your Savings account. To earn interest on this refunded amount, make sure you move the refund amount into your Savings account.

You're not required to provide your TFN. However, if you don't provide your TFN, we're required to deduct withholding tax from interest earned. To submit your TFN:

• Tap your profile icon in the top-left corner of the app
• Select 'Personal info'
• Select 'Your details'
• Select 'Tax residency'
• Tap 'Australia' and enter your TFN

Your TFN can be found on the Australian Tax Office (ATO) app or via the ATO's website at ato.gov.au. It can also be found on employment summaries or superannuation statements.