Thanks to new Federal Government requirements, all Australian financial institutions now have to collect tax residency information from their customers. It’s all part of a new global standard on the automatic exchange of financial account information between countries. Tax authorities will exchange this information to help make sure everyone pays the right amount of tax.
As part of this, Heritage Bank is required by law to collect foreign tax residency information for reporting to the Australian Taxation Office (ATO). These laws implement automatic exchange of information with:
Please refer to the ATO website for more details.