Your income payments are taxed at the relevant marginal tax rate, as these funds are considered taxable income. An opened account also represents a single asset for Capital Gains Tax (CGT) purposes. A full or partial withdrawal of funds from the account at the end of your term will trigger a taxable event for CGT purposes. It is not compulsory for you to provide your TFN or ABN, however, unless an exemption applies, not providing your TFN means you may be taxed at the highest marginal rate, plus the Medicare Levy. All accounts will receive a tax statement at the end of each financial year which will include details of the amounts that have been paid in order to assist with the completion of your tax return.
Please refer to the PDS for more information around the tax implications of TermPlus.