Australia is part of the Automatic Exchange of Information (AEOI), an international agreement which allows the exchange of tax information with other countries.
BCU Bank is required by Australian law to identify customers who may be a tax resident of another country and report certain information annually to the Australian Taxation Office (ATO).
The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), which focus on the exchange of account holder information, are the most commonly recognised.
FACTA is legislation introduced by the United States Government to improve compliance with US tax laws. This introduces a reporting regime for tax purposes for financial institutions with respect to certain accounts. BCU Bank is required to identify any accounts opened by customers who meet certain eligibility criteria. Information about these identified accounts will be reported to the ATO which will submit the information to the US Internal Revenue Service (IRS) on an annual basis.
This will only affect members who are identified as US residents or those whose residency cannot be identified due to insufficient information being provided.
CRS came into effect from 1 July 2017 and is a global standard for the collection and exchange of account information. You will be required to certify your residence for tax purposes and provide your tax identification number if you are a foreign tax resident.
Where you are a foreign tax resident, or we have information that indicates you may be but you have failed to respond to any request for confirmation, BCU is obliged to report certain information annually to the ATO which will then exchange this with the tax authority of the appropriate country.
We may also contact you from time to time to confirm your tax residency and request additional information/documentation for support. It is advisable to let us know if, or when, your situation changes.
FACTA is legislation introduced by the United States Government to improve compliance with US tax laws. This introduces a reporting regime for tax purposes for financial institutions with respect to certain accounts. BCU Bank is required to identify any accounts opened by customers who meet certain eligibility criteria. Information about these identified accounts will be reported to the ATO which will submit the information to the US Internal Revenue Service (IRS) on an annual basis.
This will only affect members who are identified as US residents or those whose residency cannot be identified due to insufficient information being provided.
CRS came into effect from 1 July 2017 and is a global standard for the collection and exchange of account information. You will be required to certify your residence for tax purposes and provide your tax identification number if you are a foreign tax resident.
Where you are a foreign tax resident, or we have information that indicates you may be but you have failed to respond to any request for confirmation, BCU is obliged to report certain information annually to the ATO which will then exchange this with the tax authority of the appropriate country.
We may also contact you from time to time to confirm your tax residency and request additional information/documentation for support. It is advisable to let us know if, or when, your situation changes.
Where can I get more information?
If you would like more information, please refer to the ATO website.