We use cookies to provide you with the best possible online experience. Read more

We've put together some answers to commonly asked FATCA questions.

FATCA (Foreign Account Tax Compliance Act) is a law intended to prevent tax evasion by US persons through improving the tax information shared between Australia and the USA

We are required to identify and report information on US persons to the Australian Taxation Office (ATO), which will then report information to the US Internal Revenue Service (IRS).

An individual is considered a US person if they are:

  • a United States citizen;
  • a United States resident for tax purposes.

US citizens include:

  1. anyone born in the US; and 
  2. those born outside the US whose parents are US citizens.

You should consult a tax professional if you are unsure whether you are classified a US person for taxation purposes.

From 1 July 2014, Newcastle Permanent is required to identify US persons when they open new accounts. Applicants who are identified as US persons are asked to provide their US Taxpayer Identification Number (TIN).

For further information please visit ato.gov.au

All complying financial institutions must report this information to the Australian Tax Office (ATO) on an annual basis. The ATO will then pass this information on to the US Internal Revenue Service (IRS).

There may be implications for not providing your TIN. For further information consult a tax professional.

If you do not answer the question during the account application process we are unable to open the account.

You can still proceed to open your account if you do not know your TIN or do not have one. We may contact you after you have opened the account to discuss further. For further help you can also contact the US Consulate General:

  • Ph: +632-301-2000, select option 9
  • Email: FBU.Manila@ssa.gov
  • Mail: Social Security Division, C/O U.S. Embassy, 1201 Roxas Boulevard, Ermita Manila, Philippines 0930

You may still be considered a US person for FATCA purposes even if you are no longer a US person. We recommend you still answer yes to the question unless you can provide documentary evidence to confirm otherwise.

If you need further advice on the matter visit: canberra.usembassy.gov

Yes, a Social Security Number is a type of US Tax Identification Number.

Yes, please contact our Member Support Centre on 13 19 87, or visit your local branch with your TIN.