Yes. Xinja will supply the ATO (Australian Tax Office) with details (such as name, address, account number) of all customers who have earned interest and the amount of interest paid in the financial year (July to June). We’ll also supply details of any tax we’ve withheld against a customer. We will have withheld tax if you didn’t provide us with a TFN (tax file number) or tax exemption details (you would see these amounts in your transactions list as ‘Withholding Tax’). Xinja aims to lodge this information with the ATO in July of the new financial year, subject to any unforeseen delays.
If you haven’t provided a TFN or tax exemption details, you can do so at any time by tapping on the profile icon top left in the app, tapping on ‘Personal Info’ and scrolling to the bottom. We recommend you do this as we deduct withholding tax at the highest rate but will stop doing so as soon as we have this information.