The Foreign Account Tax Compliance Act (FATCA), is a US law that requires financial institutions around the world to identify and submit information on financial accounts held by US persons to the US Internal Revenue Service (US IRS). FATCA came into effect for on 1 July 2017 in Australia pursuant to the Intergovernmental Agreement (IGA) entered into between Australia and the US. Australian financial institutions are subject to annual reporting obligations. For more details, please refer to: https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/Foreign-Account-Tax-Compliance-Act/

The Common Reporting Standard (CRS) is an information gathering and reporting requirement for financial institutions. Its main objective is to improve tax transparency and reporting through information sharing about financial assets of tax residents in participating jurisdictions. Australian financial institutions are subject to annual financial reporting obligations starting with reporting year 2017. For more details, please refer to: https://www.ato.gov.au/General/International-tax-agreements/In-detail/Common-Reporting-Standard/

As such, when you open an account with Syfe, you are required to declare your tax residency(s) and relevant Tax File Number (TFN), if an Australian tax resident or Tax Identification Number (TIN) if an overseas client. Details of your financial assets may be provided to the Australian Tax Authority (ATO) and such information will be exchanged with the other tax authorities in accordance with the terms of the Competent Authority Agreements and Intergovernmental Agreement for reporting under CRS and FATCA.