41Guaranteed Annuities PDS
Other important information
The Australian Government has in place an
intergovernmental agreement (IGA) with the US
Government. Under the terms of the IGA, we will
provide the ATO with any required information which
would otherwise be required to be submitted to
Financial institutions are required to review customer
accounts to determine whether they are reportable
accounts (accounts held by US citizens or US tax
residents) and report this information periodically to
the ATO. The information will only relate to investors
who are identiﬁed as US residents or those whose
residency cannot be identiﬁed due to insufﬁcient
information being provided (‘non-compliant
Non-compliant account holders may be subject to a
30 per cent withholding tax on part or all of the
payments received from US sources.
Common Reporting Standard (CRS)
The CRS is a global standard for the collection and
exchange of account information. You will be required
to certify your residence for tax purposes and if you
are a foreign tax resident, to supply your tax ID
number or equivalent, if you have one. Where the
account holder is an entity, we may also require this
information from certain individuals associated with
the entity, such as owners or controllers.
Once you have an account, we may also contact you
from time to time to conﬁrm your tax residency and
may request additional documentation in support.
Where you are a foreign tax resident, or we have
information in our records that indicate you may be a
foreign tax resident but you have failed to respond to
any request for clariﬁcation, we are obliged to report
certain account information annually to the ATO, who
will then exchange this information with the tax
authority in the other country.
Under Family Law legislation, the superannuation
assets of married and de facto (including same sex)
couples that have divorced or separated can be
divided. This legislation does not extend to terminating
de facto or same-sex couples in Western Australia.
If your annuity was purchased with super money,
you and/or your spouse or a person intending to enter
a super agreement with you (such as a pre-nuptial
agreement) can make a written request for
information. This request must comply with the
requirements of the Family Law Act.
Our response to a valid information request will be
issued only to the person making the request.
Legislation prevents us from informing you if a request
has been made by your spouse or intending spouse.
Splitting instructions specify how your super
annuity will be divided. This must be expressed as
a percentage. They may be made in the form of
a super agreement between you and your spouse
or by court order.
Family Law provisions allow for reasonable fees to
be charged for the administration of transactions.
CommInsure currently does not charge such fees
but will notify you in writing if we decide to introduce
a fee in the future.
If you’ve given us your electronic contact details, we
may use these details to provide information to you
electronically, for example, sending reminders via
SMS or email. You may also receive information on
AIA Group products and services electronically.
If you prefer to receive paper forms of communication
from us and want to opt out of electronic forms of
communication, you can tell us by calling
1800 624 100 between 8.30 am and 6 pm (Sydney
time), Monday to Friday.
After taking out an annuity, you will receive a Policy
Document and Policy Schedule from us. You have 14
days to check that the policy meets your needs. This
is known as the ‘cooling-off period’.
Your policy can be cancelled within the cooling off
period and you may request a refund.
If you choose to cancel your policy, your total
investment including any Upfront Adviser Service
Fees will be refunded. Please note, if you have
invested with super money, your total investment will
be adjusted to account for any applicable taxes and/
or levies. Your request for cancellation must be in
writing and be sent along with your Policy Schedule.
Information we will send you
Once your application is accepted, we will send you
the following information:
a Policy Document and Policy Schedule which
sets out the terms and conditions of your
a Centrelink Schedule for social security purposes.
During the course of your investment, you will
an annual statement which details any payments
and tax deductions you have received during the
a PAYG Payment Summary each year (if applicable)
a Continuity Certiﬁcate (Lifetime Income annuities
only) up to twice a year to ensure you’re still
eligible to receive regular payments
a Maturity Instruction form if you have invested
in an annuity, where some or all of your investment
is to be repaid at maturity. We will send you this
four weeks before your annuity matures, outlining