Rabobank has a legal obligation to collect information about foreign tax residents, and report it to the Australian Taxation Office (ATO) under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).
For more information download our leaflet.
Each country has different rules that define tax residence. The OECD website has information on how to determine your tax residency. If you don't know if you are a foreign tax resident, you should seek tax advice.
Under the regulations, passive entities must supply information about the tax residency for all Controlling Persons.
As of the 1st of July 2017, all Australian banks are required to collect information about foreign tax residents (under the Common Reporting Standard – CRS, & Foreign Account Tax Compliance Act - FATCA). As a result, all customers are required to let us know if they are a tax resident of any country other than Australia. If you are a foreign tax resident, you may need to supply your TIN (tax identification number). For those who are only Australian tax residents it is not compulsory to quote your Tax File Number, however if you do not provide your Tax File Number, Rabobank is legally obliged to deduct withholding tax (currently 49%) on behalf of the ATO from any interest earned.
For more information download our leaflet.