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 the Westpac Group 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. Minor customers (under 18 years) are also required to provide tax residency information, irrespective of whether they are required to file a tax return, or if any tax is actually payable on their account(s).

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 request your foreign tax residency status if you open a new account or product, and have not previously advised us of your foreign tax residency status. Minor customers and their parents or guardians may also be contacted if they have not provided their 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.

If you do not provide this information to us we may be required to limit the services we provide to you, including placing a restriction on your account.

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 720 314 (9am-5pm on Monday-Friday, AEST time).

Customers outside Australia please call +61 2 9155 7580.

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

If you want to know more about CRS, see:

Tax Entity Classification Self-Declaration Forms

You may be required to complete a Tax Entity Classification Self-Declaration Form (TEC SDF) as part of your banking with Westpac.

If requested, please complete one of the forms below and return to your relationship manager.

Dynamic TEC SDF

Important Note: The dynamic form can’t be viewed via an internet browser or mobile device. To view the form, Adobe Acrobat Reader must be installed on your computer. If you don’t have Adobe Acrobat Reader head to https://get.adobe.com/reader/ or complete the accessible version of the TEC SDF below.

Instructions to complete the Dynamic TEC SDF

Save a copy of the form to your desktop and open using Adobe Acrobat Reader
Ensure Javascript is enabled in Adobe Acrobat Reader
You must complete all sections that appear and provide your signature
Return a completed copy of the form to your relationship manager

Accessible TEC SDF

Instructions to complete the Accessible TEC SDF

You must complete all relevant sections of the form and provide a signature
Return a completed copy of the form to your relationship manager

If you have any questions relating to Tax Entity Classification (TEC), please contact your relationship manager.

Frequently asked questions

Is my privacy protected?
What is a foreign tax residency?

Foreign tax residency refers to the country(ies) in which you are liable to pay tax, irrespective of whether a tax return must be filed or any tax is actually payable. This applies to individuals, entities, and any of their associated parties, for example, beneficial owners and/or controlling persons of organisations.

If you need help to determine your tax residency status, please contact your independent taxation advisor, as we are unable to provide taxation advice.

The OECD website provides information about tax residency in relation to CRS.
What is my Tax Identification Number (TIN)?
What if my tax jurisdiction(s) does not issue TINs or equivalents?
What are 'beneficial owners and/or controlling persons'?

Beneficial Owner/Controlling Person refers to the individual(s) that directly or indirectly owns a legal interest in the entity of 25% or more and/or exercises actual effective control over the entity, whether from an economic or other perspective, such as through voting rights. In addition, in the case of a trust, a Beneficial Owner/Controlling Person includes the settlor(s), trustee(s), appointer(s), protector(s), beneficiary(ies) or classes of beneficiaries and in the case of an entity other than a trust, the term includes persons in equivalent or similar positions.