A wrap client’s residency status affects their withholding tax. If your client was listed as a non-resident for tax purposes during FY24/25, you have until 1 July 2025 to review that their residence as of 30 June 2025 is reported correctly in Adviser Online.
What you need to do if your Wrap client’s residency status for withholding tax purposes as of Monday 30 June 2025 is reported incorrectly
If you need to update what we currently have on file, please ask your client to complete the Change of Residency form (Wrap accounts only). They’ll need to include all residency changes throughout FY24/25, as well as their country of residence as of Monday 30 June 2025. The details we have on file as of 30 June 2025 will be used in their 2025 Tax Report.
You can send the completed form to fsgmaspfstax@macquarie.com.
How we will determine residency for future financial years
From 1 July 2025, we’ll be determining your clients' residency status for withholding tax purposes based on the addresses we have on file. This will mean:
You'll no longer be able to make an election regarding your clients' tax treatment.
Where your client has a residential or postal address that is not in Australia, they’ll be considered a non-resident for tax purposes.
Please ensure your clients' addresses are up to date.