The increase in cyber-attacks has put the importance of keeping your client's personal information safe in the spotlight. Tax file number (TFN) redaction is an important obligation under The Privacy (Tax File Number) Rule 2015 (TFN Rule) and Mercury Nexus can help you meet your legislative requirements.
What are my obligations regarding tax file numbers?
To meet your legislative requirements, you must:
Only hold supporting documentation where TFNs have been removed or ‘redacted’.
Ask your clients to remove any TFNs before they send you their supporting documents.
Use a redaction tool to remove the TFN, if your clients haven’t already.
Ensure you’ve checked that TFNs have been removed or redacted and there are no visible TFNs, prior to providing documentation to lenders.
Confirm that TFNs are also redacted from any hard or soft copies of documentation held outside of Mercury Nexus.
How do I remove a tax file number?
Mercury Nexus has a TFN redaction tool that enables you to remove a tax file number with the push of a button. Learn how here.
Where can I find more information about the Privacy Act?
Learn about your privacy requirements in the following article Privacy: Respecting and Protecting your customer's information