This page is for New Zealand financial institutions (NZFIs) affected by the Common Reporting Standard (CRS).
From 1 July 2017, Reporting New Zealand Financial Institutions (Reporting NZFIs) must:
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.
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 a list of:
Please send submissions to firstname.lastname@example.org
For more information on non-reporting financial institutions and excluded accounts refer Appendices 5 and 6 of the Inland Revenue Guidance on the CRS.
Go to the Inland Revenue Guidance on the CRS
PDF | 1.25mb | 165 pages
If you have questions or would like to join the AEOI industry implementation update please email us at email@example.com