Help & support
The Australian Government has committed to a new global standard on the automatic exchange of financial account information. Their aim is to cut down on tax evasion by sharing information about foreign tax residents with other tax authorities. This requires financial institutions from around the world, including the Commonwealth Bank group, to collect tax residency information from their customers. This is known as the Common Reporting Standard (CRS) and it follows on from the Foreign Account Tax Compliance Act (FATCA).
CRS requires us to capture tax residency information for customers before they open an account. We also need to review existing accounts and monitor changes to customer information for indicators that the customer might be a tax resident in another country. If we think we need further information from you, we will contact you asking you to complete our Tax Residency Self-Certification Form.
Information reported by financial institutions to the ATO will be exchanged with other tax authorities to assist in making sure everyone pays the right amount of tax. The collection and sharing of foreign tax information will be done in accordance with our Privacy Policy and we will only share information required to meet our statutory obligations.
Each country has different rules which govern tax residency. For individuals, these rules are often based on the time you spend there or whether your home is there.
You will need to declare your tax residency when opening a new account or when requested by the bank.
If you have recently been contacted by the bank requesting that you update your tax residency details, you can do this by the following methods:
If you are a tax resident of another country, you will be asked for your Tax Identification Number (TIN) issued to you in that country, if you have one. TIN is an international term which may have a different name in some countries.
Additional information required for United States (U.S.) tax residents or citizens
If you are a U.S. tax resident or citizen you will need to provide us with your U.S. TIN. This U.S. TIN will include your Social Security Number, Employer Identification Number or Individual Taxpayer Identification Number. For more information please visit the U.S. Department of the Treasury Internal Revenue Service’s (IRS) Foreign Account Tax Compliance Act (FATCA) frequently asked questions. If you are a former citizen of the U.S., you may also wish to visit the IRS’ Relief Procedures for Certain Former Citizens frequently asked questions.
Additional information required for U.S. entity / organisation for tax purposes
If your entity / organisation is a U.S. entity for tax purposes, you will need to provide us with your U.S. TIN and other information by completing the two attached forms and return them to us:
If your entity / organisation is not a U.S. entity / organisation for tax purposes, please complete the attached Entity / Organisation Tax Residency Self-Certification Form and return it to us.
This U.S. TIN will include your Social Security Number, Employer Identification Number or Individual Taxpayer Identification Number. For more information please visit the U.S. Department of the Treasury Internal Revenue Service’s (IRS) Foreign Account Tax Compliance Act (FATCA) frequently asked questions.
If you have told us you have (your entity / organisation has) tax residency outside of Australia then you are required to provide either:
The Reason Codes for no TIN are:
Exemption code A: My (entity / organisation’s) country of tax residency does not issue TINs.
This option is available for the following countries:
Exemption code B: I have (my entity / organisation has) not been issued with a TIN by my (its) country of tax residency.
The option cannot be selected for the following countries:
Exemption Code C: My (entity/organisation’s) country of tax residency does not require disclosure of a TIN.
The option is applicable for only Australia and Japan (only when TIN is collected in Japan).
If Australia is your (your entity/organisation’s) only country of tax residence, you can choose reason code C when completing your self-certification as providing your TIN is optional for Australia.
Next time you open a new account you may be asked for your tax residency information, if we do not already have it.
You will be asked to declare your tax residency when opening a new account at CommBank.
You will still be required to confirm your tax residency information. Provision of your Australian Tax File Number (TFN) is optional.
All customers need to provide their tax residency information when opening an account.
If you are unsure about your tax residency, you should seek advice. We cannot give tax advice to our customers.
As a general rule yes although some organisations are exempt such as financial institutions, government bodies or listed organisation.
Where the child is the account holder, the child or their authorised representative must provide the child’s tax residency information. Being a minor does not exempt them from answering these questions.
We understand your personal information is important to you and therefore we only handle such information (including collecting and sharing) in accordance with the requirements of our Privacy Policy. For more information about our Privacy Policy, you can visit: www.commbank.com.au/privacypolicy.
Visit the Australian Taxation Office web site or the OECD web site.
Visit the Australian Taxation Office web site or the OECD web site and search for CRS.
Visit the Australian Taxation Office web site or the IRS web site and search for FATCA. You can also visit our page on US citizenship special rules.
Visit the OECD web page on TINs.
If you would like to speak with us, you can call the Customer Tax Status (Reasonableness) (CTS) Team on 1300 590 330 (option 4), Monday to Friday, between 8:15am and 6:00pm (Sydney/Melbourne time), where we will be happy to assist you.
