I am a British Citizen paying UK taxes and have a current a/c in Australia for holidays with several hundred dollars in it.
They now ask me to provide Foreign Tax Residency details and Tax Identification Number.
Firstly I don't know what a TIN is and secondly I wonder if there likely to be any unforeseen problems in which case it may be better to close the Aus a/c?
Thanks.
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Australian Bank a/c
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Re: Australian Bank a/c
feder1 wrote:I am a British Citizen paying UK taxes and have a current a/c in Australia for holidays with several hundred dollars in it.
They now ask me to provide Foreign Tax Residency details and Tax Identification Number.
Firstly I don't know what a TIN is and secondly I wonder if there likely to be any unforeseen problems in which case it may be better to close the Aus a/c?
Thanks.
I assume that your Tax Residence is UK. Your TIN for UK purposes is your National Insurance number. If you have been reporting / continue to report any interest arising on the account to HMRC, then there are no issues arising from this, and you might as well keep the convenience of the account.
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