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Is it mandatory to submit the W-8BEN or W-8BEN-E form?

W-BEN form:

W-8BEN form is used for the following account types:

•   Individual

•   Joint

Both the individuals who are part of the Joint account type need to submit their individual W-8BEN forms.

For Individual and Joint account types, it is not mandatory to submit a W-8BEN form at the time of account creation with the brokerage firm. However, we suggest you to provide this form to us, at the time of account creation or at a later date — the sooner the better. You can email us this form at any time, even after the creation of your account.

W-8BEN-E form:

W-8BEN-E form is used for the following account types:

•   SMSF (individual trustee)

•   SMSF (corporate trustee)

•   Trust

•   Company

FATCA rules require us to provide to our brokerage firm with certification from Trust and Corporate/Company accounts accounts, as these are included in the Entities defined under the Intergovernmental Agreement (IGA) between US and Australia.

So, for Trust and Company account types, it is mandatory to submit a W-8BEN-E form at the time of account creation with the brokerage firm. This helps the brokerage firm to determine the non-US or US status of the beneficial owners for tax purposes.