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Tax & Legal Regulations

  • 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:

    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:

    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.

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  • Yes. You will need to fill in the W8-BEN form. This form is used by a non-US person to establish non-US status, to claim beneficial ownership of the income for which the tax form is being provided and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a non-US country with which the US has an income tax treaty.

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  • IRS Form W-8BEN is used to certify your status as a non-U.S. taxpayer. It is also used to claim reduced tax withholding on dividends and other income paid with respect to U.S. securities, where available. You need to have a valid W-8BEN form in order to trade in U.S. markets. It has a validity of 3 years and clients are required to resubmit after the 3rd calendar year.

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  • The W8-BEN form has a validity of 3 years and clients are required to resubmit after the 3rd calendar year. We will notify you in advance when your W8-BEN form is about to expire for renewal.

    Please note, until a new form is submitted you will face trading restrictions.

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  • If, at any time, you change your country of legal residence and/or tax residence or become a U.S. person, please notify Syfe as soon as practicable.

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  • Yes, US tax law requires the withholding of tax for non-US persons (non-resident aliens) at a rate of 30% on payments of US source stock dividends, short-term capital gain distributions and substitute payments in lieu. Consequently, all dividends of US-listed securities are subject to a 30% dividend withholding tax which is held at source and the remaining 70% will be credited into your account.

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  • Any dividends paid by the ADR are generally taxable, just like dividends on U.S. shares. In addition, taxes may be withheld by the ADR company's local government. Depending on individual circumstances, foreign taxes withheld might be applied as a credit against U.S. taxes, or tax reclamation opportunities may be offered.

    Please note, this is not tax advice and you should seek advice from a qualified tax professional

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