Tax Transparency
Our approach to tax governance
As Australia’s first bank and oldest company, Westpac has played an important role in the economic and social development of Australia and New Zealand. We believe paying the right amount of taxes is vital to that ongoing role. Our commitment to tax transparency and our co-operative and pro-active relationships with tax regulators globally reflect our corporate purpose and values.
We take a low-risk approach to managing our tax affairs and apply policies and procedures as part of our board-approved Tax Risk Management Framework (the Framework) to ensure we meet our tax compliance responsibilities in all the jurisdictions in which we operate. The Framework also provides a mechanism for the escalation and reporting of material tax risks and issues. Further information can be found in our annual Voluntary Tax Transparency Reports.
Australian Voluntary Tax Transparency Reports and UK Tax Strategy
Westpac signed up to the Board of Taxation’s Voluntary Tax Transparency Code in August 2016. Our Voluntary Tax Transparency Reports set out Westpac’s annual tax contributions along with our approach to tax obligations in line with the Australian Voluntary Tax Transparency Code and Section 161 and Schedule 19 of the UK Finance Act 2016.
Westpac Group 2023 Tax Transparency Report (PDF 482KB)
Westpac Group 2022 Tax Transparency Report (PDF 218KB)
Westpac Group 2021 Tax Transparency Report (PDF 616KB)
Westpac Group 2020 Tax Transparency Report (PDF 185KB)
Westpac Group 2019 Tax Transparency Report (PDF 467KB)
Westpac Group 2018 Tax Transparency Report (PDF 304KB)
Westpac Group 2017 Tax Transparency Report (PDF 398KB)
Westpac Group 2015 & 2016 Tax Transparency (PDF 315KB)
Westpac Group 2014 Tax Transparency Report (PDF 261KB)
Customer tax information and combatting tax evasion
Westpac Group is committed to ensuring we uphold our responsibilities to customers and our regulators. This means we comply with the reporting obligations under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) legislation. Both relate to international tax transparency and the exchange of financial account information.
As a result, we may ask:
- New customers, and their associated parties about their tax residency
- Existing customers for their current tax status under both obligations (FATCA and CRS).
See Our Corporate Governance Automatic Exchange of Foreign Tax Residency Information (CRS and FATCA).