Supplying your Tax File Number
When you open an account with us, you have the option of supplying us with your Tax File Number (TFN). If you are entitled to an exemption, you should advise us of your type of exemption and provide any supporting documentation we may require.
If the bank does not have your TFN or a valid exemption, we are required by law to deduct withholding tax from the interest earned on your bank accounts.
If you are not a resident of Australia, we are required to withhold Australian non-resident withholding tax from interest income earned on your account.
Any tax we withhold is paid to the Australian Taxation Office (ATO).
If you have any questions, or wish to advise the bank of your TFN, visit any of our branches or phone 1300 236 344.
Foreign tax resident reporting
Australia is one of many countries committed to meeting the global standards relating to the automatic exchange of financial account information.
The law requires that information be collected by financial institutions, including Bendigo and Adelaide Bank, for reporting to relevant tax authorities in their jurisdiction. Tax authorities in each jurisdiction will then exchange this information with each other to help ensure that everyone pays the right amount of tax.
Information reported to Tax authorities in the country/ies of your tax residence is handled in the strictest of confidence, protected by administrative practices, national laws and binding international treaties.
The laws that require us to collect and exchange this information are:
- Foreign Account Tax Compliance Act (FATCA) is the United States legislation for customers who may be US residents or citizens for taxation purposes, which came into effect 1 July 2014.
- Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents, which came into effect 1 July 2017.
What this means for you
You will be required to tell us if you are a tax resident of a country/ies other than Australia, whenever you open an account. This requirement applies to individuals, foreign entities and entities which are controlled by foreign tax residents.
You will be asked to provide your Taxpayer Identification Number (TIN) or equivalent before your account can be opened. If you have not been issued with a TIN or equivalent, you will be required to tell us why.
Entity account holders will also be asked about the nature of their business and if any of its controlling persons have a foreign tax obligation.
If we require further information from you, we will contact you asking you to complete our foreign tax details form and a foreign tax glossary will be provided to assist you.
To ensure your customer information is accurate, it is important that you confirm your foreign tax residency status when requested by us to do so. If you do not respond, Bendigo and Adelaide Bank may be required to report your account information to a relevant tax authority.
Not sure about your country of tax residency?
If you are unsure about your tax residency, please seek professional advice from an independent tax agent or advisor.
Need more information?
For general information and guidance, please refer to the ATO website search for “Common Reporting Standard”.