How many TFNs should an individual have in their lifetime?

Most individuals should have one Tax File Number (TFN) throughout their lifetime. A TFN is a unique identifier issued by the Australian Taxation Office (ATO) and is used for various tax-related purposes, including income tax and superannuation. Having a single TFN helps to streamline an individual's taxation and financial matters, ensuring all earnings and tax obligations are accurately tracked under one number.

Obtaining multiple TFNs can lead to confusion, administrative issues, and potential complications with tax assessments. Each person is assigned one TFN, which remains constant and is tied to their personal financial records. There are circumstances under which an individual might need to apply for a new TFN (such as certain cases of identity theft), but generally, it is advised to retain and use the original TFN to ensure clarity and compliance with tax regulations. Thus, maintaining one TFN throughout one’s life is both practical and compliant with tax laws.