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Foreign Tax Liability

Why do we collect foreign tax information?

Suncorp Bank is required to collect information from our customers about their foreign tax residency status in order to comply with Australian laws which implement the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

The CRS and FATCA require Financial Institutions (including Suncorp Bank) to collect foreign tax residency information from their customers.  Suncorp Bank may then be required to provide that information to the Australian Taxation Office (ATO) together with certain other customer and account information. The ATO will automatically exchange this information with the relevant foreign tax authority. In parallel, the ATO will receive information on Australian residents with accounts in other jurisdictions.

The purpose of the CRS and FATCA is to assist tax authorities across the world to ensure compliance with their own local tax laws, minimise offshore tax evasion and ensure everyone pays the correct amount of tax within the relevant jurisdiction.

What is FATCA?

FATCA was introduced by the United States (U.S.) Congress and aims to improve compliance with U.S. tax laws by U.S. citizens, U.S tax residents and other individuals and entities with a relevant connection to the U.S. In 2014 the Australian Government signed an intergovernmental agreement (IGA) with the U.S. Government with respect to FATCA and subsequently the Australian Federal Parliament passed legislation to make the IGA obligations Australian law.

What is the CRS?

The CRS was introduced by the Organisation for Economic Co-operation and Development (OECD) and is a single global standard for the collection, reporting and exchange of financial account information of foreign tax residents. In 2015 Australia subscribed to international OECD convention implementing the CRS and subsequently the Australian Federal Parliament passed legislation in 2016 to make the CRS law in Australia.

What does this mean for our customers?

Customers will be asked to declare their foreign tax residency status upon opening an account with Suncorp Bank. If you are an entity you will also be asked upon account opening to declare the foreign tax residency status of your Controlling Persons. If you are an existing customer, Suncorp Bank may contact you for further information or documentation to declare your foreign tax residency status. Our obligations apply to new and existing individual customers as well as new and existing entity customers. 

Suncorp Bank will only report the specified information that we are required by law to report. For example, the law may require us to report information we hold about you, your account and your Controlling Persons (if applicable) to the ATO who may then share this information with tax authorities in other countries.  Any personal information we hold about you is otherwise handled in accordance with our Privacy Policy.

What happens if I don’t answer questions about foreign tax residency?

If you choose not to provide Suncorp Bank with the required information about foreign tax residency or provide us with incorrect or incomplete information, we may not be able to open your account, may have to restrict access to your account or may report information about you and your accounts to the ATO (who may then share this information with tax authorities in other countries).

What do I need to do?

When you open an account as a new or existing customer you will need to respond to all the questions we ask you about the foreign tax residency status of you and your Controlling Persons, even if you are not a foreign citizen or foreign tax resident.  If your foreign tax residency status changes after you open an account, you will need to notify us immediately of those changes.

If you receive a request from Suncorp Bank to complete forms about FATCA, CRS or your foreign tax residency, please complete and return them by mail to:

Suncorp-Metway Ltd
IPC 4BK230
Reply Paid 1453
Brisbane QLD 4001

Alternatively, you can provide the document to staff at your local Suncorp store.

Please note that you may receive more than one request for documentation if you have multiple relationships with different members of the Suncorp Group. It is important you respond to all requests, even if you believe you have already supplied the information requested.

If you have not been contacted by Suncorp Bank and would like to notify us of your foreign tax residency status or changes to your foreign tax residency status, please complete the form below which applies to you and return it via the same method described above.

Who can I contact for more information?

This general information is to assist you in understanding Suncorp Bank’s legal obligations in relation to the collection and reporting of foreign tax residency information. Suncorp Bank is not able to provide you with legal or tax advice. If you are unsure of your foreign tax residency status or how to complete the associated questions or forms, you should seek advice from a lawyer or tax adviser.

You can find further information on:

Frequently Asked Questions