What is FATCA?
The Foreign Account Tax Compliance Act.
This is legislation intended to help the US tax revenue service (IRS) collect tax from US residents living abroad.
It requires all financial institutions to identify and report customers who may be US residents for taxation purposes to the Australian Tax Office. The ATO reports this information to the US Government (IRS).
How can the US do this?
Although this was a US initiative, the G20 supports it and intends to drive a worldwide program that has similar aims
Countries around the world, including Australia, are planning to or have already entered into bi-lateral agreements with the US to support the FATCA regulations.
What does the statement on this form mean?
The statement assumes that you are not a US resident for tax purposes unless you call us to tell us otherwise.
Why are you (RAMS) doing this?
RAMS is owned by Westpac which operates and serves customers around the world and supports international efforts to reduce tax avoidance. It is essential that we meet international regulatory requirements.
Are other banks doing this?
Financial institutions and customers who don't register to participate with the Foreign Account Tax Compliance Act may face financial implications.
We understand that most banks are registering; however, you should check with any that are relevant to you to verify.
What if I don't self-certify?
That's not a problem; however we suggest you contact a taxation professional to discuss your specific circumstances. If we do have evidence on file that suggests that you may be US, we will contact you directly to confirm.
What happens if I am US but I don't tell you?
We aren't able to give advice of that nature and suggest you contact a taxation professional to discuss your specific circumstances. If we do have evidence on file that suggests that you may be US, we will contact you directly to confirm.
I need more information about
FATCA?
RAMS Foreign Tax Operations: 1300 725 863
Or writing to us at:
RAMS Foreign Tax Operations
GPO Box 4008, Sydney 2000