Foreign Account Tax Compliance Act - FATCA
We operate as First State Investments internationally and Colonial First State Global Asset Management in Australia (CFSGAM). From 1 July 2014, CFSGAM will be required by law to identify and report certain account information to taxation authorities. This obligation stems from the Foreign Account Tax Compliance Act (FATCA) which is effective in all of the countries where CFSGAM operate as a result of domestic legislation and tax information exchange agreements.
These obligations require financial institutions, including the investment funds which CFSGAM manage, to determine whether accounts are reportable. To do this we need to ask our investors a series of questions regarding their foreign taxation status.
New laws will require us to determine the foreign status of our customers.
Each investment fund will either need to report certain account information related to this status to local tax authorities or in some instances directly to the Inland Revenue Service (for certain jurisdictions like Hong Kong).
If you would like more information, please reach out to your CFSGAM local contact.