Why am I being asked for tax information?
In order to meet both Australian and international tax reporting and withholding obligations, Superhero must collect information regarding your tax status.
You will be prompted to complete this when you make your first deposit into your Superhero account.
You will need to fill out our Tax Questionnaire which will prompt you to confirm your Tax Residency and Tax File Number (TFN). If you are a foreign tax resident, you will need to provide your International Tax Identification Number (ITIN).
Superhero uses this information to create and lodge a W-8BEN form with the US Tax Office (IRS), or W9 if you are a US citizen.
What is a W-8BEN form and do I need to complete it before I trade?
A W-8BEN is a form relevant to you if you’re not a US citizen or tax resident and you trade US shares or ETFs on your Superhero account.
Superhero can rely on a validly completed W-8BEN form to determine:
(a) your status as a foreign person (i.e. not a US citizen or tax resident), and
(b) the withholding tax rate applicable to US source income.
Individual account holders will complete a digital W-8BEN during Superhero’s onboarding process. Companies and Trusts can complete a separate W-8BEN-E form post onboarding.
US citizens or US tax residents that trade US shares or ETFs on the Superhero platform will complete a digital W-9 form.
Why do I need to complete the W-8BEN form again?
W-8BEN Forms expire every three years.
Superhero will automatically send you a new Tax Questionnaire when it is time to renew.
If your W-8BEN form has expired, Superhero is required to withhold tax on your account for U.S. securities. This is to ensure Superhero complies with its mandatory international tax and regulatory obligations.