What is a foreign tax residency?
Foreign tax residency is determined by the laws of each foreign country and will differ between countries. For individuals and Controlling Persons of an entity, this might be determined by your residency, citizenship or how much time you reside in a particular country. For entities, this might be determined by your country of incorporation or establishment or where effective management and control of your entity is located. A useful resource on the rules governing tax residency for foreign countries can be found at: OECD Automatic Exchange Portal – Rules governing tax residence. If you are unsure whether you are a resident of a foreign country for tax purposes, please contact your lawyer or tax adviser for assistance. We are unable to give you advice in relation to your foreign tax liability status.
What information is passed on to the ATO?
Suncorp Bank may need to pass on personal and financial information to the ATO about you and your Controlling Persons (if applicable), including account name, address, date of birth, Tax Identification Number (TIN), country(ies) of tax residence, FATCA/CRS entity classification (if applicable), details of role or ownership interest in customer entity, account number, account balance and all amounts paid into the account during the year.