What is the Foreign Accounts Tax Compliance Act?
Australian and US laws in accordance with the reporting provisions, commonly known as the Foreign Account Tax Compliance Act (FATCA), requires all Financial Institutions to identify and report customers who may be US residents for taxation purposes to the Australian Taxation Office.
This will require Westpac to identify, and we may be required to report, certain US customers and investors to regulators.
If you are US citizen or resident for taxation purposes, you must notify us when you open a new account or investment, by calling 1300 658 194 (9am - 5pm, Monday to Friday, Sydney time).
This applies to:
- Personal customers who are US citizens or residents for taxation purposes
- Business customers where either the entity or its controlling person(s) are US citizens or residents for taxation purposes.
If you have any questions about FATCA, call us on 1300 658 194 (9am - 5pm, Monday to Friday, Sydney time).
More information about FATCA can be obtained from the Australian Taxation Office or the US Internal Revenue Service.