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