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Non-resident withholding tax (NRWT)
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Non-resident withholding tax (NRWT)

Approved issuer levy: Registering securities

Registering securities

If you haven't already been granted approved issuer status, you may apply for this and register your first security online.

If you'd like to register more than one security, or you have approved issuer status already, use the Application to register security or securities for approved issuer levy (AIL) (IR397) form. You'll need to complete a separate IR397 for each security you want to register.

In some cases you may not be able to provide all the information requested on the IR397. However, your security can still be registered.

You must tell us about any changes to your security before maturity or redemption, as this may affect whether AIL still applies.

Registration criteria

Securities will be registered if the:

  • IR397 is completed
  • security relates to money lent on or after 1 August 1991.
Government stock qualifies for AIL, even if it was issued before 1 August 1991.

What happens next

By law we must notify you in writing of the registration of securities within 20 working days after we receive the IR397. Registration is usually completed in a shorter time.

If we don't process the IR397 within 20 working days, the securities are automatically registered.

Types of securities

Only securities that have been registered with us qualify for a zero rate of NRWT.

You can register two types of securities.

  • A transaction involving money lent to you. This is a transaction between two parties where the parties, amount involved and term can be clearly identified.
  • A class of transactions involving money lent to you. This is where you are involved in more than one transaction.

Securities can be registered as a class if the first definition does not apply.

Most types of securities can be registered, including variable principal debt instruments. Examples of securities include:

  • New Zealand bank accounts of non-residents
  • standard offshore loans
  • bonds.