In July 2017, the Australian Government implemented the Common Reporting Standard (CRS) in order to reduce tax evasion. This means a change in the way that financial account information of foreign tax residents is collected, reported on and shared.
MyState Bank is now required to identify and report the accounts of foreign tax residents to the Australian Tax Office (ATO), who then share this information with relevant international tax authorities.
We’ll be reviewing existing accounts for indications of customers that may be a tax resident in another country and if we think we need more information from you, we’ll be in touch. You’ll now also need to provide tax residency information when opening any new MyState Bank accounts in future.
What is a tax resident?
Each country has different rules around tax residency, these rules can be based on the time you spend in the country, if you live there or if you work there.
When do I provide my tax resident information?
Whenever you open a new account, or we ask you to provide it. Remember to let us know if your foreign tax resident circumstances change so we can keep the ATO up to date.
What information will I be asked for?
Details of each country you are a tax resident in and your Tax Identification Number (TIN) for each country. Your TIN may be called something else in other countries, learn more here.
How do I provide the required information or update my details?
You can either send us a secure message via Internet Banking, call us on 138 001 (+613 6233 0679) or drop into a MyState Bank branch.
If you’d like more information, please get in touch or alternatively visit the ATO website.