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Automatic Exchange of Foreign Tax Residency Information (CRS and FATCA)

The Westpac Group is committed to ensuring we uphold our responsibilities to customers and our regulators. This means we comply with the reporting obligations under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) legislation. Both relate to international tax transparency and the exchange of financial account information.

What we do in summary:

• Westpac Group complies with our reporting obligations and collects data regarding your tax residency status

• Westpac will ask new customers, and their associated parties, and may ask current customers for their status under both obligations and report it to the relevant bodies.

CRS

CRS is an Organisation of Economic Cooperation and Development (OECD) initiative to address income tax evasion. The global agreement requires financial institutions to obtain and report foreign tax residency information of account holders, and their associated parties, to their local tax authority. The local tax authorities of participating countries will exchange reported information on an annual basis.

FATCA

FATCA is United States (US) legislation which requires all financial institutions to identify and report customers who may be US residents for taxation purposes, to their local tax authority.

What are our obligations?

To comply with CRS and FATCA, financial institutions are required to collect, maintain and check information about the foreign tax residency of their customers, including their country(ies) of foreign tax residency and their Tax Identification Number (TINs). Where applicable, financial institutions must report certain information to relevant tax authorities. The Westpac Group complies with CRS and FATCA in all participating jurisdictions, according to the local legislation in each jurisdiction.

What does this mean for new customers?

All new customers will be asked if they are a tax resident of a foreign country. A tax residency is the country where an individual or entity (partnership, trusts, etc.) typically submits an income tax return, or may be liable to pay tax. This applies to individuals, entities, and any of their associated parties such as beneficial owners and/or controlling persons of organisations.

What does this mean for existing customers?

If you have an existing account or product with us, we may contact you if we have information to suggest that you are a foreign tax resident.  We may also contact you if you open a new account or product, and have not previously advised us of your foreign tax residency status.

It is important that you respond to any requests and confirm your tax residency status to ensure that your customer information is accurate, and that we don't inadvertently report incorrect information.

Where can I go for further information?

If you have any questions about CRS or FATCA, please call our Foreign Tax Operations team.

 

Phone: 1300 725 863 (9am-5pm on Monday-Friday, AEST time).

Customers outside Australia please call +61 2 9845 4749.

 

If you want to know more about FATCA, see the US Internal Revenue Service

If you want to know more about CRS, see:

Frequently asked questions