This page is for New Zealand financial institutions (NZFIs) affected by the Common Reporting Standard (CRS).
- CRS due diligence and reporting requirements
- Excluded entities and accounts
CRS due diligence and reporting requirements
From 1 July 2017, Reporting New Zealand Financial Institutions (Reporting NZFIs) must do the following.
Carry out CRS due diligence.
Report this information annually to Inland Revenue if either:
Report prescribed information annually to Inland Revenue about certain accounts that the CRS refers to as 'undocumented accounts' (summarised at sections 5.3.2 and 5.3.3 of the Inland Revenue Guidance on the CRS).
People and entities holding, and in certain circumstances controlling, financial accounts with Reporting NZFIs have obligations to provide documentation and other information to help these Reporting NZFIs carry out their CRS due diligence and reporting obligations.
An Inland Revenue factsheet is available to support AEOI related customer conversations. Find out more about your AEOI obligations if you hold or control financial accounts:
DIMS providers, Custodians and the CRS (IR1055):
Find more information on the OECD's website:
Excluded entities and accounts
The CRS automatically excludes a number of types of entities and accounts as being non-reporting financial institutions and excluded accounts.
The CRS also allows implementing jurisdictions such as New Zealand to expand on the list of automatically excluded non-reporting financial institutions and excluded accounts to also include other 'low risk' excluded entities and accounts that meet stringent criteria set out in the CRS. This means these entities and/or accounts would be excluded from due diligence and reporting obligations.
To be considered a 'low risk' entity or account, the financial institution must apply to the Commissioner of Inland Revenue for a determination.
Submissions are welcome from financial institutions that are not otherwise excluded, but that meet these criteria and wish to be included in both or one of the following lists.
- Excluded non-reporting financial institutions.
- Excluded accounts - for accounts they maintain.
Send submissions to:
For more information on non-reporting financial institutions and excluded accounts refer to Appendices 5 and 6 of the Inland Revenue Guidance on the CRS.
Find out more about penalties that may apply:
Find out more
If you have questions or would like to join the AEOI industry implementation update, email us at: