brian.w

I have opened a wespac account when i was back in uk,well set it up and got it when over here on my validation trip when i was collecting my card the girl said as i be leaving the country again i need to change my address back to the uk one,why is this,i think its got something to do with tax etc,but is this wise or really required.
I will be coming back in say a years time for stay for good and i do have my aunts address as my bank details,i am leaving to return back to uk on tuesday and i think i would need to do this today or tuesday before i leave,but is there any point will i have issues or problems if i leave as is,has anyone changed there address back to uk one when they opened there account in oz,maybe the girl is just saying the rules as is and its not really required anyone care to tell me more.

sj oldfield

Thats because the banks have to have a residential address on their records!!

CathnPaul

No you dont have to change it, as long as there is an address by means of contacting you you will be fine leaving it on your Oz address. Its a security thing thats all changing the address. It has been known whereby a family member has emptied a customers bank account when they have been out of the country as they had the card and pin delivered to their address.

CathnPaul

and no its nothing to do with tax...

louie

Yes it is. If your account address is in the UK, they will deduct 10% tax from any interest they credit to you as you are a non-resident. If you use an Australian address, they will deduct top rate tax (46.5%?), unless you give them a TFN (tax file number) (and even then, you shouldn't use an Australian address as you are not yet a resident for tax purposes).