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Reporting New Zealand Financial Institutions (Reporting NZFIs) must do the following.

Task Checklist
1 Carry out CRS due diligence.
  • Review their financial accounts to identify accounts held and/or, in certain circumstances, controlled (summarised in section 1.9 of the Inland Revenue Guidance on the CRS) by relevant foreign tax residents.
  • Collect prescribed identity and financial account information about these people and accounts.
2 Report this information annually to Inland Revenue if either:
  • the relevant foreign tax resident is from a Reportable Jurisdiction (they are known as Reportable Persons) - we will then exchange this information with that jurisdiction under a tax treaty
  • the Reporting NZFI chooses to adopt the wider approach to reporting.
3 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.

Account holders and controlling persons

DIMS providers, Custodians and the CRS (IR1055).

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.

Common Reporting Standard (Tax Technical)

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 [email protected]

More information on non-reporting financial institutions and excluded accounts is available in Appendices 5 and 6 of the Inland Revenue Guidance on the CRS.

Last updated: 18 Dec 2025
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