Why is Ubank asking for my tax residency details?
Australian law requires banks like Ubank to collect information about our customers’ tax residency. This includes whether you are a tax resident of Australia and/or another country, and helps us meet our obligations under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).
What are FATCA and CRS?
FATCA is a United States law that requires banks to identify customers who are US citizens or tax residents holding accounts outside the U.S.
CRS is a global reporting framework that requires banks to identify customers who are tax residents of countries other than the country where they hold financial accounts.
Under these rules, Ubank must collect and report certain customer information to the Australian Taxation Office (ATO) in line with Ubank’s privacy policy.
What do I need to do?
When you open an account with Ubank, we'll ask you for your tax residency details.
You might also need to provide this information if we contact you to confirm or update your details.
It's important that the information you provide is accurate and up to date. If your tax residency changes, you should let us know within 30 days. You can do this by calling us (refer below contacts).
If we cannot obtain the required information or complete these checks, we may take further action including placing restrictions on your account.
What is tax residency?
Your tax residency depends on the laws of each country and may be different from your citizenship or country of birth. Factors such as where you live, work or spend time may be relevant in determining tax residency. US citizens are generally subject to U.S. tax obligations, even if they live outside the United States and will generally need to declare the United States as a country of tax residence for FATCA purposes.
Ubank cannot provide tax advice. If you’re unsure about your tax residency, you should speak to a qualified tax adviser or refer to the Tax residency | OECD.
What is a tax identification number (TIN)?
A TIN is an identifier used by a country for the purpose of administering its tax laws. Depending on the country, it may have a different name or may be the same as another identifier such as a national identification number. You can find more information about TINs on the OECD website Tax identification numbers | OECD.
How your information may be shared
If you are a foreign tax resident, Ubank may be required to report certain information about you and your account(s) to the ATO each year. The ATO may then share this information with the tax authority of the country where you are a tax resident.
We only collect, use and share your information in accordance with our privacy policy (https://www.ubank.com.au/privacy) and we will only share information required to meet our statutory obligations.
How to provide or update your tax residency details
You can provide your tax residency details by calling us:
- In Australia: 13 30 80
- From overseas: +61 2 9070 0202
We’re available between 8 am and 7:30 pm Monday to Friday, and between 8 am and 5:30 pm on Saturday and Sunday (Sydney time).
You can also get in touch with our team by messaging us in the Ubank app and we can help.
For more information about FATCA and CRS
- OECD website - Tax Transparency Resource Centre | OECD
- ATO website - https://www.ato.gov.au/about-ato/tax-avoidance/international-exchange-of-information/automatic-exchange-of-information/automatic-exchange-of-information-crs-and-fatca
Products issued by Ubank, part of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (unless otherwise stated). This information is general and doesn't take your personal situation into account. Please take the time to make sure it's right for you.