Automatic Exchange of Information
What is the Automatic Exchange of Information (AEOI)?
AEOI is the exchange of financial account information between Tax Authorities in relevant countries. The law requires this information to be collected by Financial Institutions around the world for reporting to Tax Authorities.
AEOI is made up of two information sharing frameworks:
- The Foreign Account Tax Compliance Act (FATCA) is a United States (U.S.) framework that requires Financial Institutions to identify U.S. citizens and U.S. tax residents with certain accounts in foreign (non-U.S.) jurisdictions. This regime has been in place in Australia since 1 July 2014.
- The Common Reporting Standard (CRS) is a global regime under which details of foreign (non-Australian) tax resident accounts are shared between participating Governments. Implementation of this regime commenced in Australia from 1 July 2017.
Under the AEOI, all Financial Institutions (including Suncorp Bank) must collect an AEOI Self-Certification from customers, to comply with the requirements under Australian law. Financial Institutions must report relevant account information to the Australia Taxation Office (ATO) who in turn will automatically exchange the information with the relevant foreign Tax Authority(ies).
This means that Governments (in countries committed to the AEOI - like Australia) have domestic laws in place that require Financial Institutions to collect, perform due diligence and report the required information and have entered into international agreements to exchange the information with other Governments.
What does this mean for customers?
This means you will be asked to provide an AEOI Self-Certification form upon the opening of certain types of accounts, and this form includes questions about your Tax Residency countries (including other mandatory information).
All Individual Customers (including existing and new customers)
When you open a new deposit account or certain other kinds of account, Australian law requires Financial Institutions (including Suncorp Bank) to ask you to provide certain information in your AEOI Self-Certification such as your country(ies) of tax residency, Tax Identification Number(s) or TINs, and to provide certifications, forms and/or documentation.
If you are a tax resident outside of Australia, you need to provide your Tax Identification Number(s) (TIN(s)) or equivalent number(s) that is/are used to identify you with your Tax Authority in each relevant country. If you don’t provide a TIN, you will be asked to provide a reason for not doing so; however, you must provide it if you have been issued a TIN. Not having the TIN with you at the time of account opening or not being able to locate your TIN is not a sufficient reason for not providing the TIN.
All Entity Customers (such as companies, trusts, partnerships, associations etc.)
If you open a new deposit account or certain other kinds of account for a legal entity or legal arrangement (such as a trust or partnership etc), Australian law requires Financial Institutions (including Suncorp Bank) to ask you to provide an AEOI Self-Certification including certain information, certifications, forms and/or documents for the entity (within certain timeframes). This includes the following:
- All country(ies) of tax residency of the entity/legal arrangement.
- Tax Identification number(s) (TIN(s)) for each country of tax residency.
- The primary nature of the entity or legal arrangement’s business.
- The classification of the entity.
- In some circumstances, information about certain individuals (ie the Controlling Persons for the entity). The identification of the Controlling Persons is based on the type of entity. The required information includes the Controlling Person’s country(ies) of tax residency(ies), TIN(s) and other required information.
These requirements are mandatory to ensure all Financial Institutions comply with their obligations under the Australian FATCA and CRS laws and guidance.
What happens if I don’t provide responses to the AEOI Self-Certification?
If you choose not to provide Suncorp Bank with the required information in the AEOI Self-Certification (including foreign tax residency etc) or you provide Suncorp Bank with incorrect or incomplete information, we may not be able to open your account, may have to restrict access to your account or may report information about you and your accounts to the ATO (who may then share this information with tax authorities in other countries). Providing false or misleading statements in a Self-Certification may also subject you to penalties under Australian law.
What do I need to do?
If Suncorp Bank requests information from you, it is important that you respond as soon as possible. If you don’t provide the required information within a reasonable time frame, under Australian law, Suncorp Bank may be required to do one or more of the following:
- Treat you as if you are a tax resident in a foreign country (although you may not be a tax resident in that country).
- Report your details (or the fact that you did not provide the requested details) to the relevant tax authority(ies).
- Not open your new account.
- Restrict transactions on or close your existing account(s).
You must ensure you provide true, complete and accurate information to Suncorp Bank and, if unsure, seek advice from an independent professional advisor (where required) to assist you in determining your accurate country(ies) of Tax Residency or other relevant information (eg for entities, the appropriate Entity classifications etc). Suncorp Bank is unable to provide you with tax advice. Please note that penalties may apply under Australian law if you provide false or misleading information.
AEOI Self-certification forms
Suncorp Bank may collect AEOI Self-Certifications (including tax residency information etc) in various ways, often via an account opening or on-boarding form. If you have been asked to provide the stand-alone Self-Certification form for AEOI, complete the attached form(s) and either take it into your nearest branch, email to the mailbox provided or send it to the Reply Paid address shown.
If you have not been contacted by Suncorp Bank but need to notify us of changes to your or an entity’s AEOI Self-Certification information (such as country(ies) of foreign tax residency), please complete the appropriate form below and return it via the same method described above.
- The Self Certification Declaration – Individuals. This form is only to be used by individuals.
- The Self Certification Declaration – Entities. This form is only to be used by Entities.
If you are unsure of any of the required AEOI Self-Certification information, including your country(ies) of tax residency etc, please seek independent professional advice from your usual advisor.
What happens with my account information?
Your AEOI Self-Certification details including tax residency(ies), date of birth (individuals), TIN and account balance information etc may be reported to the Australian Taxation Office (ATO) in accordance with Australian law. The ATO may also receive your information if you have not responded to any Suncorp Bank requests for further information. The ATO may then exchange the information with relevant foreign Tax Authorities.
All information reported under these laws is handled in confidence by the Tax Authorities and is protected by national laws, administrative practices, and binding international treaties. This is the same way that all taxpayer information is generally handled. Any personal information Suncorp Bank holds about you is otherwise handled in accordance with our Privacy Policy.
More information
If you are unsure of your country(ies) of tax residency, the tax residency rules provided to the OECD by jurisdictions automatically exchanging information under CRS can be found on the OECD page for Tax Identification numbers.
For general information about Australian AEOI laws, please refer to the Australian Taxation Office website.
If you were born in the U.S., are a U.S. Citizen and/or hold a U.S. Passport
If you are unsure of your country(ies) of tax residency status in relation to the United States of America, please refer to further information available in the Joint Foreign Account Tax Compliance Act (FATCA) FAQ as published by the relevant U.S. government authorities and/or seek independent professional advice.
U.S. Tax Resident TIN Examples:
U.S. Tax Identification numbers may include a Social Security Number (SSN), which is issued to individuals, or an Employer Identification Number (EIN), which is issued to individuals or entities.
U.S. Place of Birth / U.S. Tax Residents
Please refer to Relinquishing U.S. Nationality for more information. If you have relinquished your U.S. citizenship, you must provide Suncorp Bank with the following so your record can be updated.
- A copy of the Self-Certification (which states that you are neither a U.S. citizen nor U.S. resident for tax purposes);
- A non-U.S. passport or other government issued identification evidencing your citizenship in a country other than the U.S; and
- A copy of “Certificate of Loss of Nationality.”
Suncorp Bank cannot provide tax advice to customers. Please consult the U.S. embassy or consulate and/or your professional advisor if you wish to relinquish your U.S. citizenship.
Frequently Asked Questions
A TIN is an identifying number used for tax purposes to deal with the tax administration in a particular country. For example, Australia’s relevant TIN would include our Tax File Number (TFN) which Australians normally quote when completing annual tax returns. Most foreign countries will have an equivalent functional tax identification number.
If you are unsure what your TIN equivalent is, a useful resource can be found at: OECD Automatic Exchange Portal – Tax identification numbers or you should contact your legal or tax adviser for further guidance. We are unable to give you advice in relation to your TIN.
A summary of definition of the main entity classifications can be found at the ATO Glossary.
Full definitions of entity classifications for FATCA can be found in the FATCA Inter-Governmental Agreement.
Full definitions of entity classifications for CRS can be found at Part II(B) of the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters.
If, after considering the above resources, you are still unsure of your entity classification you should contact your legal or tax adviser for further guidance. We are unable to give you advice in relation to your CRS or FATCA entity classification.
Controlling Person is generally a natural person who exercises control over an entity. Control depends on the legal structure of the entity.
For a corporation, a Controlling Person may include a director, senior management and any natural person who holds, directly or indirectly, more than 25 percent of the shares or voting rights of an entity as a beneficial owner.
For a trust, a Controlling Person may include the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries and any other natural person(s) who exercise effective control over the trust.
For a partnership, Controlling Person means any natural person who exercises control through direct or indirect ownership of the capital or profits of the partnership, voting rights in the partnership or who otherwise exercises control over the management of the partnership.
Over 100 jurisdictions have committed to implement the Common Reporting Standard to exchange information.
For a list of countries committed to CRS, refer to the Commitment and Monitoring section of the OECD CRS website.
Please note Suncorp Bank is required by law to collect customers’ foreign tax residency information and report it to the ATO even if the foreign country of the customer is not contained in the list referred to above.
AEOI enquiries
For any enquiries about providing Suncorp Bank with your AEOI Self-Certification information, please call Monday to Sunday, 8am to 10pm (AEST/AEDT):
In Australia: 13 11 75
Outside Australia: +61 7 3362 1712 (charges may apply)
Important information and disclaimer
This information is provided to help you understand certain obligations under Australian AEOI laws. It does not constitute any form of advice, has not taken into account your personal and/or other business circumstances and is general in nature. If you have questions about AEOI, providing your Self-Certification including your country(ies) of tax residency, contact the relevant tax authority in your country of residence, or seek advice from an independent tax agent or other professional advisor.
