For dual-listed securities that derive income in the United States of America (US), the US Internal Revenue Service (IRS) requires certain documentation from the ultimate beneficial owner to ensure the appropriate level of tax is withheld in the US.
The W-8BEN form can be completed to establish that the investor is not a US person and that they are the beneficial owner of the income received. Where an investor is a resident for tax purposes of a country with which the US has negotiated a double tax agreement (DTA) with, in completing this form, the investor may be able to claim a reduced rate of, or exemption from, US withholding tax (US WHT).
For the lower withholding rate to apply, a W-8BEN form for individual investors or a W-8BEN-E form for entity investors must be completed in full and submitted before any income is paid or credited.
Individual investors who are not US citizens or are non-residents for US tax purposes, are required to complete a W-8BEN form – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding.
This guide explains what you need to do:
Guide to completing W-8BEN – Individual
Note: Only one W-8BEN form is required per individual, regardless of how many dual-listed securities are held. Where there are multiple beneficiaries, such as a joint account, a form must be completed for each beneficiary.
Entity investors that are non-residents for US tax purposes are required to complete a W-8BEN-E form – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding.
This guide explains what you need to do:
Guide to completing W-8BEN – Entity
Note: ‘Entity’ includes companies, trusts, self-managed superannuation funds (SMSF) and deceased estates. Only one W-8BEN-E form is required per entity, regardless of how many dual-listed securities are held.
Only investment account holders are required to complete a W-8BEN or W-8BEN-E form. The trustee completes the required documentation for superannuation clients.
Where to send W-8BEN or W-8BEN-E forms
If you want to return the form via email, please note that we can only accept forms that have been electronically signed by client using an electronic signature provider from the approved list of electronic signature providers.
Once completed, you will need to provide the following and send to firstname.lastname@example.org.
1. Electronically signed form
2. Certificate of Completion issued by the electronic signature provider
If you want to return the form by post, please submit the original signed W-8BEN or W-8BEN-E form to the below address, with any other required documentation, by registered mail to:
Attn: Corporate Actions W-8BEN Forms
GPO Box 4045
Sydney NSW 2001
Or you can scan and email your completed form to email@example.com
Don’t send the form directly to the share registry as further information is required from us prior to submission.
Securities that require a W-8BEN or W-8BEN-E form
- News Corporation (NWS) and News Corporation Non Vote (NWSLV)1,2
- RESMED (RMD)
- Vanguard All-World Ex-US Shares Index ETF (VEU)
- Vanguard US Total Market Shares Index ETF (VTS)
- Coronado Global Resources Inc (CRN)
We don't offer the W-8BEN or W-BEN-E form for any other security at this stage. Please note this process is not offered for clients who may hold the above securities through an SMA, as it is held with a different Responsible Entity. We don't offer the W-8BEN or W-BEN-E form for any other security at this stage. Please note this process is not offered for clients who may hold the above securities through an SMA, as it is held with a different Responsible Entity.
Additionally, Superannuation and Pension clients fall under the trustee of Macquarie Investment Management Limited, and therefore clients do not need to submit a form as the forms are completed under trustee sign-off.
1. If you hold either or both NWS and NWSLV, only 1 W-8BEN form is required.
2. Share registry certifies for clients’ holding in both 2 securities upon Wrap’s lodgement for one of the two, thus NWSLV is automatically included in our W-8BEN lodgement service.
Tax treatment of US-sourced income
Individual and entity investors are subject to a maximum withholding tax rate of 30 per cent on certain income they derive from US sources. Where the requisite form is completed in full by an investor, a withholding tax of 15 per cent may apply for Australian tax residents who derive certain income sourced in the US, in accordance with the Australia/US Double Taxation Agreement (DTA).
Alternatively, where the relevant form is not completed in full or in part, DTA benefits will not apply, resulting in a higher rate of withholding tax for Australian resident investors.
Generally, a current W-8BEN form will remain in effect until 31 December, three years after the date of signing. For example, a form signed on 15 March 2022 will remain in effect until 31 December 2025. However, if a change in circumstances makes any information on the form incorrect, a new W-8BEN form (or other appropriate form) must be filed to continue to claim a reduced rate of withholding tax under the DTA.