By Prasadi Kadugodage
Canberra (CWBN)_ The federal government is planning to introduce the Tax File Number (TFN) as a type of passport for investors to avoid complex processes and encourage the involvement of retail investors in the equity and debt capital market, sources reveal. It will then be the default identifier among consumers, business and government.
The TFN is considered the best step forward as Australia plans to become a leading tech savvy economy by 2030. This will be more efficient since the equity market is already electronic and the Australian Tax Office (ATO) is tech-savvy.
The federal budget has endorsed the TFN as a passport for investors when it opened a new front in introducing “stapling” system for super fund members, which means from July 2021, Australians are allowed to keep their super fund when they change jobs.
