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As an Australian financial institution, we have certain reporting obligations to share information with the Australian Taxation Office (ATO). We will only report the information that we are required by law to report to the ATO.
Qudos Bank is required to collect the tax residency information of all customers and report customers with foreign residencies to the ATO where required by law. This information is being collected as part of the international 'Common Reporting Standard' (CRS) and the United States Foreign Account Tax Compliance Act (FATCA).
As you are an account holder with us, Qudos Bank is required to collect information from you about your tax residency status. Please complete the Individual residency self-certification form to confirm your residency, citizenship and the countries where you are required to pay tax or submit a tax return, in order for Qudos Bank to determine your tax residency status.
If you are an individual account holder, sole trader, or sole proprietor, please download and complete the 'Individual Tax Residency Self-Certification Form'. For joint or multiple account holders, please complete a separate form for each individual person.
If you have any questions or require some assistance completing the form, please call us on 1300 747 747 or drop into your nearest branch.
The government requires all Australian banks and certain other financial institutions in Australia to report on any accounts where a tax obligation to a foreign government may exist.
We report foreign tax information annually to the Australian Taxation Office (ATO) to comply with obligations under the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).
Under CRS and FATCA obligations, all Australian banks and certain other financial institutions must identify accounts held by customers who are foreign tax residents or entities connected to foreign tax residents. Financial institutions must report these customers to the ATO.
The Common Reporting Standard (CRS)
The CRS was developed with international support after a request by the G20 for a more effective framework for tackling international tax evasion. The Australian Government amended the Taxation Administration Act (1953) in 2016 to turn CRS reporting requirements into law.
The legislation requires every Australian bank (and certain other financial institutions) to inform the ATO when an account is held by a person who has, or may have, a foreign tax residency.
Foreign Account Tax Compliance Act (FATCA)
The US passed FATCA in 2010 to tackle the challenge of non-payment of taxes by American citizens. FATCA requires every non-US foreign bank (and some other organisations) to inform the United States of America (USA) when an account is held by a US person. Some types of accounts and some types of customers are not reportable, so it is very important that you keep your details as up to date as possible.
Where to find information
The Australian Government entered into an inter-governmental agreement with the US in 2015 to clarify and streamline the reporting process, including a channel for Australian reporting entities to report to the ATO. Which is why it’s more important than ever to keep your information up to date. You can read more about it at Automatic exchange of information guidance – CRS and FATCA | Australian Taxation Office website along with Tax identification numbers(TINs) - Organisaton for Economic Co-operation and Development.
We’re required to ensure the accuracy of tax residency information when you first join Qudos Bank and throughout your time with us. You may be asked to complete a form or provide relevant information more than once.
Your tax residency is based on the country where you live and/or work. Working or travelling overseas may cause you to be a tax resident elsewhere or in more than one country at one time.
Each country has its own rules for defining tax residence. We recommend speaking with a tax adviser or accountant, particularly if you have a complex work history or have lived in multiple countries.
The tax rules require banks to collect evidence of tax residency especially where some indicators exist that foreign tax residency may be present. These can be many and varied, and do not confirm tax status – so we need to check with you directly.
For example:
If a member has a foreign mobile number or overseas residential Address for contact purposes, this may suggest that they live in another country.
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
