foreign tax status - nabtrade · tax status. we’ll need to contact you where: • you didn’t...

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What’s FATCA and CRS? FATCA commenced on July and is a regulatory requirement that aims to deter tax evasion by United States citizens or residents. CRS commenced on July and is the global version of FATCA. CRS’s ultimate objective is to achieve global tax transparency and over countries have committed to exchange information with each other under CRS. Under FATCA and CRS, financial institutions such as us are required to identify and report annually to the Australian Tax Office (ATO), clients with certain types of foreign tax status, as set out in the Foreign tax status declaration form. The ATO will in turn pass this information onto the relevant tax authorities. When do we collect combined FATCA/CRS information? When you open a new account You would have been asked on your application/identification form to answer questions about your foreign tax status. We’ll need to contact you where: you didn’t answer some or all of the questions, or the responses provided weren’t clear or consistent. When you change your account details Some changes to your account details require us to contact you to confirm your foreign tax status. This can include giving us a US address when we do not have details indicating you’re a US citizen or resident for tax purposes. If you opened your account before July We’ll also ask you for foreign tax information, if you opened an account before July and your account included foreign details. For example a UK address or phone number. How do I provide my foreign tax status? Just complete the attached Foreign tax status declaration form and return it to us, if possible within days of receiving the request. Can my financial adviser provide my foreign tax status? Your financial adviser can complete our or the Financial Services Council (FSC) Foreign tax status declaration form on your behalf. What happens if I don’t provide this information? If your account includes foreign details and you don’t answer the questions or send us the information requested, we’re required to report the details of the account annually to the ATO. What is reported to the ATO? We’re required to report client identification details, account balances, income and certain transaction activity. Joint accounts If you have a joint account, we’re only required to report the account holder identified under the FATCA and CRS legislation. We’ll contact the impacted account holder separately. What if my foreign tax status changes? If your tax residency changes or your number of tax residencies changes at any time, please let us know. Contact Post nabtrade Reply Paid Melbourne VIC Fax Email [email protected] The nabtrade service (nabtrade) is provided by WealthHub Securities Limited ABN , AFSL No. (WealthHub Securities). WealthHub Securities is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited ABN , AFSL No. (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer. © National Australia Bank Limited. Foreign tax status Foreign Account Tax Compliance Act (FATCA) Common Reporting Standard (CRS) Issue date: August Foreign tax status 1 Some useful information about FATCA/CRS and why we need to collect information on your foreign tax status. A138181- 0817

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Page 1: Foreign tax status - nabtrade · tax status. We’ll need to contact you where: • you didn’t answer some or all of the questions, or • the responses provided weren’t clear

What’s FATCA and CRS?FATCA commenced on July and is a regulatory requirement thataims to deter tax evasion by UnitedStates citizens or residents.

CRS commenced on July and is the global version of FATCA.CRS’s ultimate objective is to achieveglobal tax transparency and over countries have committed toexchange information with eachother under CRS.

Under FATCA and CRS, financialinstitutions such as us are requiredto identify and report annuallyto the Australian Tax Office (ATO),clients with certain types of foreigntax status, as set out in the Foreigntax status declaration form.

The ATO will in turn pass thisinformation onto the relevanttax authorities.

When do we collectcombined FATCA/CRSinformation?

When you open a new account

You would have been asked on yourapplication/identification form toanswer questions about your foreigntax status.

We’ll need to contact you where:

• you didn’t answer some or allof the questions, or

• the responses provided weren’tclear or consistent.

When you change your account details

Some changes to your account detailsrequire us to contact you to confirmyour foreign tax status. This can includegiving us a US address when we donot have details indicating you’re aUS citizen or resident for tax purposes.

If you opened your account before July

We’ll also ask you for foreign taxinformation, if you opened an accountbefore July and your accountincluded foreign details. For examplea UK address or phone number.

How do I provide myforeign tax status?Just complete the attached Foreigntax status declaration form and returnit to us, if possible within daysof receiving the request.

Can my financial adviserprovide my foreign taxstatus?Your financial adviser can completeour or the Financial Services Council(FSC) Foreign tax status declarationform on your behalf.

What happens if I don’tprovide this information?If your account includes foreigndetails and you don’t answer thequestions or send us the informationrequested, we’re required to reportthe details of the account annuallyto the ATO.

What is reported to the ATO?We’re required to report clientidentification details, account balances,income and certain transaction activity.

Joint accounts

If you have a joint account, we’re onlyrequired to report the account holderidentified under the FATCA and CRSlegislation. We’ll contact the impactedaccount holder separately.

What if my foreign taxstatus changes?If your tax residency changes or yournumber of tax residencies changesat any time, please let us know.

Contact

Post nabtradeReply Paid Melbourne VIC

Fax

Email [email protected]

The nabtrade service (nabtrade) is provided by WealthHub Securities Limited ABN , AFSL No. (WealthHub Securities). WealthHub Securities isa Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited ABN , AFSL No. (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer. © National Australia Bank Limited.

Foreign tax statusForeign Account Tax Compliance Act (FATCA)Common Reporting Standard (CRS)

Issue date: August

Foreign tax status 1

Some useful information about FATCA/CRS and why we need to collect information on yourforeign tax status.

A13

8181

-08

17