Please note this information does not take into account personal objectives, financial situation and needs. TPT Wealth Limited recommends that you read the relevant Product Disclosure Documentation or other disclosure documents and you consider seeking independent professional advice before making any decision or otherwise acting upon information contained or referred to on this website.
- December 2, 2019
- December 1, 2019
Foreign Resident Tax Reporting
In July 2017, the Australian Government implemented the Common Reporting Standard (CRS) in order to reduce tax evasion. This means a change in the way that financial account information of foreign tax residents is collected, reported on and shared.
TPT Wealth is now required to identify and report the accounts of foreign tax residents to the Australian Tax Office (ATO), who then share this information with relevant international tax authorities.
We’ll be reviewing existing accounts for indications of customers that may be a tax resident in another country and if we think we need more information from you, we’ll be in touch. You’ll now also need to provide tax residency information when opening any new TPT Wealth accounts in future.
If you’d like more information, please get in touch or alternatively visit the ATO website.