On 4 January, the Bureau of Meteorology (BoM) began to monitor the northern Coral Sea for potential tropical cyclogenesis, as the monsoon trough was forecast to have renewed activity.

[1][3] At the same time, the Joint Typhoon Warning Center (JTWC) gave it a low chance of formation into a tropical cyclone within 24 hours, and the unofficial identifier Invest 90P.

At the time, the low was located within a marginal environment for further development, with warm, 29–30 °C (84–86 °F) sea surface temperatures, moderate to high wind shear, and radial outflow aloft.

[4] Within the next 12 hours, the system's low-level circulation center began consolidating, along with deep convection persisting around it, prompting the JTWC to upgrade its chances of development into medium, before subsequently issuing a Tropical Cyclone Formation Alert (TCFA) at 23:30 UTC that same day, noting a small eye feature and improved curved banding on microwave imagery.

[7] Moving west under a deep-layered subtropical ridge to its south, Tiffany went on a rapid intensification phase, with the BoM upgrading the storm to a Category 2 tropical cyclone six hours later.

[1][9] Tiffany then rapidly weakened into a category 1 tropical cyclone due to wind shear as it moved over the Princess Charlotte Bay, before subsequently making landfall in the Cape York Peninsula at 06:00 UTC on 10 January.

[1] Upon entering the Gulf of Carpentaria, it started to restrengthen, under a favorable environment of moderate wind shear being offset by very warm, 30–31 °C (86–88 °F) sea surface temperatures, and strong outflow.

[23] In Mataranka, Northern Territory, many trees were downed and flying debris and sticks were reported, causing minor damage to some houses.