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Foreign tax residency status reporting

Why do we need to collect your current tax residency information?

Great Southern Bank is obliged to collect information from all our customers about their tax residency status. This is to ensure we comply with global standards known as the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), which are designed to prevent offshore tax evasion.

What happens to my tax residency information?

The CRS and FATCA require financial institutions like Great Southern Bank to identify accounts held by customers who may be foreign tax residents, or entities connected to foreign tax residents, and report that information to the Australian Taxation Office (ATO).

This information may in turn be shared with relevant tax authorities elsewhere in the world.

Great Southern Bank will only report information that we are required to by law. Any personal information we hold about you is otherwise handled in accordance with our Privacy Policy.

What does this mean for existing customers?

If you are an existing customer, we may be in touch if we have reason to believe you might be a foreign tax resident. We may also contact you if you open a new account and we haven’t previously been advised of your current tax residency information.

If it turns out that you are a foreign tax resident, we will ask you to provide your Tax Identification Number(s) or equivalent. If you do not provide a TIN or equivalent, you will be required to tell us why.

We may need to obtain further information from you to support the information you have provided about your tax residency information.

If you do not respond, we may be required to report your account information to the ATO. Penalties apply for providing false and misleading information so it is important that you provide the correct information when requested by us.

It's extremely important that you provide us with your tax residency information. That’s why you may notice we’ll contact you through multiple channels, such as messages in online banking, emails, letters or via SMS to collect your details. If you do not provide us with your tax details, your account will be blocked on 1 November 2021 and subsequently closed shortly after.

What does this mean for new customers?

All new customers will be asked for their current tax residency information before opening a Great Southern Bank account. If you are an entity, we may also ask about the tax residency status of your Controlling Person(s).

In both cases, if you are a foreign tax resident, we will ask you to provide your Tax Identification Number(s) or equivalent. If you do not provide a TIN or equivalent, you will be required to tell us why.

We may need to obtain further information from you to support the information you have provided about your tax residency information.

More FAQs

What is a tax resident?

Please refer to the ATO website.

What if I don’t know my current tax residency information?

If you are unsure of your  current tax residency information, you should seek advice from an independent tax advisor.

What if I am a tax resident of Australia?

You are required to confirm your tax residency even if you are a tax resident of Australia.

What if my tax residency status changes?

You must advise Great Southern Bank within 30 days of any change in circumstance that affects your tax residency status. Penalties apply for providing false or misleading information.

What is a Tax Identification Number?

A Tax Identification Number (TIN) is an identifying number used to deal with the tax authorities in a particular country. If you are a foreign tax resident, you will be asked for the Tax Identification Number (TIN) issued to you in the relevant country.

For companies, trusts, and partnerships only

What is a Controlling Person?

Controlling Person is generally a natural person who exercises control over an entity. Control depends on the legal structure of the entity.

For a company, Controlling Persons includes any natural person that holds directly or indirectly more than 25% of the shares or voting rights of the entity as a beneficial owner. If no such person exists, then it is any natural person(s) that otherwise exercise control over the management of the entity (for example, the senior managing official of the company).

For a trust, the term Controlling Persons means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust.

For a partnership, Controlling Person means any natural person who exercises control through direct or indirect ownership of the capital or profits of the partnership, voting rights in the partnership, or who otherwise exercises control over the management of the partnership.