Australia is one of many countries that has committed to new global standards on the automatic exchange of financial account information. This information is required by law to be collected by financial institutions around the world for reporting to tax authorities. Tax authorities will exchange this information to help make sure everyone pays the right amount of tax.

What this means for you

The Australian Government has enacted laws and entered into international agreements in order to meet new global standards on the automatic exchange of financial account information. As part of this, BOQ 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:

  • The United States (US) under a system known as the Foreign Account Tax Compliance Act (FATCA). This is for US citizens and tax residents only and applies from 1 July 2014.
  • Other countries under the Common Reporting Standard (CRS). The CRS applies to all foreign tax residents from 1 July 2017.

This means BOQ is required by law to identify accounts held by customers who are foreign tax residents or entities connected to foreign tax residents. This information must then be reported to the ATO who will share this information with the relevant international tax authority.

Where can I get further information?

If you need any further assistance, please call our Customer Contact Centre on 1300 55 72 72.

If you are unsure, you should seek advice from a tax adviser. BOQ cannot provide you with any tax advice.