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How are withholding tax and cross-border interest issues handled?

  • Underlying bank accounts may generate interest or yield in various jurisdictions (e.g., U.S. dollar balances).
  • FinClear retains that income and manages any non‑resident withholding (e.g., U.S. Chapter 3 / FATCA) at the upstream level; clients do not receive a direct allocation of that income, so they typically do not accumulate foreign tax credits tied to underlying bank interest.
  • Instead, clients are paid the CRP program return from FinClear (generally Australian‑sourced).
  • Specific tax statements and ATO income characterisation guidance will be provided annually; advisers should confirm with their tax advisers for client situations.