Non-resident withholding tax (NRWT) is a tax which is required to be held by institutions that pay interest or dividend amounts to overseas tax residents. Interest payments which Bank First makes payable to customers who are not Australian residents are subject to NRWT. The Bank is required by law to deduct NRWT when an account holder has an overseas home address or when the Bank becomes aware that a customer may be permanently residing overseas. In addition to the NRWT requirement, customers who become physical residents overseas, are required to provide a declaration to update their tax residency status. This can be done by way of completing a Self-Certification form from Bank First by clicking this link.
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