Huge response to TFN drive

July 2007

Plum Financial Services' (Plum) heightened focus on advising members of the Government's Simpler Super implications has paid off, with the number of tax file numbers (TFNs) submitted for members increasing four-fold over the past few months.

According to Plum's Managing Director Mike Fitzsimons it is still not too late for members to get their TFN on file with their chosen fund and they should seriously consider doing so.

'At Plum we identified early on that encouraging members to submit their TFN was a priority, as there are major advantages for members in doing so,' Mr Fitzsimons said.

'Throughout May Plum conducted a major direct mail campaign advising members of the changes and the implications, with a multi-channel integrated approach targeting members via mail, email and within the workplace.'

The number of TFNs submitted for the month of May has increased by 350% compared to the same time last year. In June the figure increased more than 400%.

'The response to our TFN campaign has been huge and exceeded our expectations,' Mr Fitzsimons said.

Plum also worked closely with clients to facilitate the lodgement of their member's TFNs. Members are able to submit their TFN via mail, on-line and over the phone.

'It is great to see so many of our members taking action as the tax consequences can be quite severe if we do not have their TFN on file,' Mr Fitzsimons said.

'I am urging every Australian to seriously consider submitting their TFN to their super fund, if they have not already done so.'

Effective from 1 July 2007, under the Federal Governments' simpler super changes, it is compulsory for employers to pass on their new employees' TFNs to their super fund and there are tax benefits for members having their TFN on file.

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