Hi there I recently created a discretionary trust, now just waiting for a TFN. How long does it normally take? it has been about two weeks since I registered. Would there be a way to create a share trading account / bank account while waiting for the TFN?
From memory, it took about 2-3 weeks for me to receive it in the post. You can create accounts without, just don't forget to update your TFN once you get it, or risk having withholdings for tax purposes.
Yes. Can take 2 weeks. Aust Post is appalling, not the ATO. A TFN just stops withholding tax IF interest is paid. Just dont forget to update when it comes through. A broker may also use the TFN for holdings and registries and YOU will need to update TFNs if that is initially skipped.
