Why have I had overseas withholding tax deducted?
If you are a non-resident you will be subject to withholding tax on interest earned. Defence Bank is required by law to deduct Overseas Withholding Tax when an account holder has an overseas residential address or when the Bank becomes aware that a member may be permanently residing overseas. The money withheld is paid to the Australian Taxation Office (ATO).
Not sure about your country of tax residency? Defence Bank is unable to provide advice on your tax status. If you have any questions about your tax residency or require further clarification on any charges relating to tax, please contact your tax advisor or seek professional advice.
*Upon returning to an Australian residential address please ensure to update your TFN through our award winning app.