about FATCA

From 1 July 2014, Bankwest, as a division of 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 by asking a series of questions to our individual and business customers regarding their foreign tax status.

The collection and sharing of such information will be done in accordance with our Privacy Policy. We will only share information in order to meet our statutory obligations.

In summary:

  • new laws will require us to determine the foreign status of our customers
  • the Group will need to report certain account information related to this status to the Australian Taxation Office (ATO)

got questions?

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking.

© 2016 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.