From 1 July 2014, the Commonwealth Bank Group (the Group) will be required by Australian law to identify and report certain account information to the Australian Tax Office (ATO). This obligation stems from the Foreign Account Tax Compliance Act (FATCA) which Australia has agreed with the United States to implement. Similar obligations exist in other jurisdictions where the Group operates.
These obligations require financial institutions in Australia, including the Commonwealth Bank, to determine whether accounts are reportable to the ATO. To do this we need to ask our customers a series of questions regarding their foreign taxation status.