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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

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 provide this form to us, at the time of account creation or a later date — the sooner, the better. You can email us this form at any time, even after the creation of your account.

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

W-8BEN-E form:

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

•   SMSF (individual trustee)

•   SMSF (corporate trustee)

•   Trust

•   Company

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 form helps the brokerage firm to determine the non-US or US status of the beneficial owners for tax purposes.

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

Also read the answers to the related questions:

•   What is the relevance of W-8BEN or W-8BEN-E forms?

•   Apart from the W-8BEN or W-8BEN-E form, do I need to consider anything else regarding US taxation rules?