No. Closed accounts also have to be logged in the Register of Accounts. Logging takes place retroactively to 1 March 2015.

Yes. With numbered savings passbooks, the (most recently) identified holder has to be logged.

First and last name, date of birth, address, country of residence of the most recently identified party, passbook number, date of opening, name of the bank.

Yes. All individuals with power to make dispositions from an account have to be logged (co-account holders, individuals with signing authority, legal representatives, and additional beneficial owners and trustees).

No. The tax office can view the Register of Accounts only if it has reservations about the accuracy of the tax return and has initiated an investigation. The taxpayer first has an opportunity to comment.

Requests for information directed at banks (about account transactions, etc.) require approval by the Federal Financial Court.

Yes. Reports must be made retroactively for transactions that occurred starting 1 March 2015, if the withdrawal/transfer amount was equal to or greater than EUR 50,000.00, irrespective of whether the account was since closed.

If the threshold of EUR 50,000.00 is reached or exceeded with just one of these transfers, then transfers of custodial accounts within a family network are required to be reported.

No. Transfers between a person’s accounts are not reported as long as both accounts are held with the same bank and the individuals with authority to make dispositions from the account are identical.

No. Business accounts of companies are exempt from the reporting duty. 

The answer to that question depends on the individual. Please contact your tax advisor. Banks are not permitted to provide tax advice or recommendations.

No. The reporting threshold is EUR 50,000.00 per country. Payments from CH and FL are not added together.

Please discuss this with your tax advisor. The law requires the reporting of all capital inflows, provided that reportable turnover was ascertained. Subsequent taxation of only part of the turnover/securities transfers results in the remaining turnover/transfers also being reportable if they are under the threshold of EUR 50,000.00. (February 2016 ruling of the Federal Ministry of Finance!)

No. Account debits relating to subsequent taxation in final settlement are to be booked by the bank in a way that does not trigger capital outflow reporting (this is possible only if the reporting bank and the bank maintaining the account are identical).

Payments not recognised by the bank can be supplemented by the customer for subsequent taxation in final settlement and thus form part of final settlement.

If transfers were not made from CH/FL, please send us the corresponding documentation for the purposes of proof, as indicated in the communication to customers.

The Common Reporting Standard (CRS) is an international agreement governing the exchange of tax-related information between countries. This is intended to encourage international tax compliance. For Austria, the standard is addressed in the Gemeinsames Meldestandard-Gesetz (GMSG). This governs the automatic exchange of information concerning the data of natural persons and legal entities subject to foreign taxation.

Starting 1 October 2016, banks in Austria are obligated under the GMSG to ask customers about their tax residence, and possibly report this, when they open the relevant product (including transactional, depository, and custodial accounts).

For individuals, the tax residence is generally the country where their domicile is (or normally in the country/countries in which their income and assets are taxed).

Since tax residence(s) is/are highly dependent on country-specific tax rules, it is advisable to contact a tax advisor if you are in doubt. In general, Erste Bank und Sparkassen may not provide any specific advice in tax matters.

Customers who have a GMSG indicator on the basis of data known to the bank (e.g. an address in a GMSG-participating country) must complete and sign a form under which they confirm the country/countries that they are resident in for tax purposes (i.e. country of taxation and tax identification number).

In that case, the product cannot be opened (where a GMSG indicator is present).

No. Customers who reside solely in Austria for tax purposes do not require a tax identification number. However, they must disclose their country of tax residence and promptly notify the bank about any changes to their personal data.

Banks are required by law to obtain further tax-related documents when indicators are present concerning multiple tax residences.

The data are reported to the Austrian revenue authority, which then forward them to the respective foreign tax authority. Affected are both natural persons and legal entities/companies.

Data required to be reported are:

  • Name
  • Address
  • Country/countries of residence
  • Tax identification number(s)
  • Data and place of birth (for natural persons)
  • Account number(s)/custodial account number(s) – deposit, current-account, and custodial business
  • Account balances/values as at year-end, or the closing of the account

Investment income, other incomes from assets in the account and sales proceeds

You can find further details about country-specific tax residence rules on the OECD website. You can find general information about the Common Reporting Standard on the OECD website.  

You can find further details about country-specific tax residence rules on the OECD website.

You can find general information about the Common Reporting Standard on the OECD website.

Notices and exclusion of liability:

This non-binding information provides only a general overview on the basis of the legal situation in effect at the time it was prepared concerning issues relevant to the banking sector. Therefore, without more extensive, specific tax and legal advice, it cannot be used as the basis for making a decision about economic dispositions. The content of this information sheet does not constitute a recommendation, and in no event can it be a substitute for advice by a tax advisor or attorney.
Despite careful, diligent preparation, no liability can be assumed or guarantee given for whether the information is accurate, complete, and up to date. Rather, any liability that would otherwise exist is precluded. Bank employees cannot and may not provide any advice, interpretation, or other statements concerning the individual tax situations of bank customers.

We therefore recommend that, if required, bank customers consult a tax advisor or attorney with respect to their individual tax and legal situations, as well as possible economic dispositions.