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What does tax residency mean?
Your tax residency is the country where you typically submits an income tax return or may be liable to pay tax.
Westpac, as issuer of the SpendOne and SaveOne accounts, needs to comply with the reporting obligations under Foreign Account Tax Compliance Act and Common Reporting Standard legislation. So we need to help Westpac collect data regarding your tax residency status and maintain that information so they can report it to the relevant regulatory bodies.