Why has Selfwealth asked for my foreign Tax Identification Number (TIN)?
At some point you told us that you’re a tax resident of a country other than Australia. Our records don’t yet hold the Tax Identification Number (TIN) that country gave you, so we’ve asked you for it.
Why we need it
Australia has signed international agreements on sharing tax information: the Common Reporting Standard (CRS) and, for US persons, FATCA. Under these agreements, Australian financial institutions like Selfwealth must identify clients who are tax residents of other countries. Each year financial institutions must report those account details to the Australian Taxation Office (ATO). The ATO may then pass that information to the tax authority in your country of tax residence.
What is a TIN?
A TIN is the number your country of tax residence uses to identify you for tax purposes. The name varies by country. Examples include the UK National Insurance Number or UTR, the US Social Security Number, and New Zealand’s IRD number. Some countries use another government ID number in its place.
What you need to do
If we have asked you for this information:
- Log in to the Selfwealth app and you should see a pop-up form with the information request.
- Follow the prompts and provide your updated responses in the form.
- Enter the TIN for each country other than Australia, then submit.
What if I don’t have a TIN?
Some countries don’t issue TINs, and some haven’t issued one to everyone. If that applies to you, choose the reason that fits when you submit your details. If your country later issues you a TIN, please update your details.
What if I’m no longer a tax resident of that country?
The form in which we have asked for your details will have an option for you to update your tax residency details.
What happens if I don’t respond?
If we can’t get your TIN, we may still have to report your account to the ATO without it. We may have to take other action to enable us to meet our legal obligations if you fail to provide your tax residency information.
We can’t give tax advice. If you’re unsure which country you’re a tax resident of, please talk to a tax adviser. The ATO’s CRS and FATCA guidance has more information.