Foreign tax residency - is the state, where a client commonly submits a tax return or is liable to pay duty.
Westpac Bank is to report to state agencies under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) legislation.
According to this, all new clients (individuals, entities, and their associated parties) are asked about their tax residency abroad.
This requirement also concerns minors (under 18 years), irrespective of whether they are required to file a duty return.
If you have additional questions, please call 1300-725-863 or +61-2 9155-7580 being abroad.
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