Here we explain terms used relating to CRS and AEOI.
| List of terms used for the Common Reporting Standard and Automatic Exchange of Information | |
|---|---|
| Account holder |
The person (individual or entity) listed or identified as holding an account with a financial institution. There are look-through rules that can apply where a person (other than a financial institution) holds an account for the benefit or account of someone else. The other person is treated as the account holder. |
| Automatic Exchange of Information (AEOI) |
A global standard for the automatic exchange of financial account information in tax matters. AEOI will be implemented using the OECD's Common Reporting Standard (CRS) which sets out the international rules for collection and reporting of financial account information (identity and financial information) for exchange. |
| Depository institution | An entity that accepts deposits in the ordinary course of banking or similar business. |
| Financial institution (FI) | A custodial institution, depository institution, investment entity, or specified insurance company. |
| Foreign jurisdiction | A jurisdiction other than New Zealand. |
| Global forum | An international monitoring organisation commissioned by the OECD to conduct peer reviews and generally to evaluate and confirm the level of compliance by each jurisdiction. |
| Investment entity |
An investment entity would include certain collective investment vehicles, mutual funds, exchange traded funds, private equity funds, hedge funds, venture capital funds, leveraged buy-out funds or any similar investment vehicle established with an investment strategy of investing, reinvesting or trading in financial assets. This would generally capture unit trusts and managed investment schemes. This list is not exhaustive. Entities such as family trusts may be investment entities, particularly if the trust's financial assets are managed by another financial institution. Fund managers, investment managers, and investment advisers will also often be investment entities. Brokers can also sometimes be investment entities. You can also refer to 'The Application of the Common Reporting Standard to corporate trustees within a professional group' which can be accessed on the Important AEOI and CRS documents page. Important AEOI and CRS documents |
| New account | A financial account that is maintained by a Reporting New Zealand financial institution and that is opened on or after 1 July 2017. There is sometimes scope for a Reporting NZFI to treat such accounts opened by an existing customer as being pre-existing accounts. |
| New Zealand Financial Institution (NZFI) |
An entity will be an NZFI if either of the following apply.
|
| Non-reporting financial institution | An NZFI excluded from needing to carry out CRS due diligence and reporting. |
| Participating jurisdictions |
An overseas jurisdiction that has an agreement with New Zealand under which they will provide us with CRS information. New Zealand's participating jurisdictions will be identified in a list we publish. You can see this list on the 'Automatic Exchange of Information and the Common Reporting Standard' page. Automatic Exchange of Information and the Common Reporting Standard |
| Pre-existing account | Financial account that is maintained by a Reporting New Zealand financial institution as at 30 June 2017. |
| Reportable account |
A financial account that is held or (in the case of a passive NFE account holder) controlled by any foreign tax resident that is a reportable person. This reporting would extend to also cover accounts held or (in the case of passive NFEs) controlled by any relevant foreign tax residents if the reporting New Zealand financial institution chooses to adopt the 'wider' approach to CRS reporting. Reporting NZFIs are also required to report certain accounts referred to in the CRS as 'undocumented accounts'. |
| Reportable jurisdiction | A New Zealand financial institution that must carry out CRS due diligence and report to us on all reportable accounts on an annual basis. This also covers reporting undocumented account information in the circumstances set out in the CRS. |
| Reportable person | An account holder or (in the case of passive NFEs) controlling person of an account that a Reporting NZFI has identified as being a foreign tax resident from a Reportable jurisdiction. However, some exclusions apply. |
| Reporting New Zealand financial institution (NZFI) |
A New Zealand financial institution that must carry out CRS due diligence and report to us on all reportable accounts on an annual basis. This also covers reporting undocumented account information in the circumstances set out in the CRS. |
| Specified insurance company |
A specified insurance company for CRS purposes is an insurance company (including its holding company) if it either:
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| Wider approach to reporting | Reporting NZFIs are able to choose to adopt what is known as the "wider approach" to reporting. This would involve the Reporting NZFI choosing to report all of the accounts that they have identified as being held (and/or, in certain circumstances controlled) by relevant foreign tax residents, irrespective of whether those persons are from jurisdictions (Reportable Jurisdictions) that New Zealand has entered into an AEOI exchange relationship to provide CRS information to. |
Last updated:
18 Dec 2025