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This page explains how NZFIs can register with us and the IRS for the Foreign Account Tax Compliance Act (FATCA). It also explains the reporting options available for annual disclosures.
The following registration requirements also apply to those ‘non-reporting NZFIs’ that need to report or are reported on for FATCA purposes. This includes trustee documented trusts and sponsored financial institutions that have reportable accounts. This is a high level summary with some exceptions. Go to our FATCA section for more information.
- Registering for FATCA with the IRS
- Registering for FATCA with us
- Reporting FATCA information to us
- International exchange of information
- Penalties for non-compliance
- Reference and support documents
If your tax agent has your official written authority to act on your behalf, they'll be able to register and report for FATCA for you.
Service providers and trustees will be able to report on behalf of an NZFI for FATCA purposes. They will not be able to register unless they are a tax agent.
The NZFI will be able to delegate access to service providers and trustees in myIR. Alternatively, the service provider or trustee will be able to request access from the NZFI.
Before you can register the NZFI with us, you need to register it with the United States of America Internal Revenue Service (IRS) to get your Global Intermediary Identification Number (GIIN).
Trustee documented NZFI trusts and sponsored, closely held investment vehicles do not have GIINs. However you will need to obtain and provide the trustee’s or sponsor’s GIIN.
New Zealand financial institutions should now be registered with the IRS
If you haven't already registered with the IRS as an NZFI you should do this immediately on the IRS website.
NZFIs with FATCA obligations are able to register in myIR.
Our Foreign Account Tax Compliance Act (FATCA) - registration and reporting user guide assists you with the registration and reporting process.
From 17 April 2018, if your entity is already registered for FATCA:
- your FATCA account will automatically show in myIR
- we’ll contact you to confirm your details, and
- you’ll need to delegate access to your FATCA account to users from your organisation once you’ve logged in to myIR. There will no longer be Principal Users
- your previous FATCA disclosures will be migrated across into our new system.
International Data Exchange Portal (IDEP)
From mid-March 2018, you'll no longer be able to use the IDEP system to register and report.
What information is required to register
Before you register with us for FATCA, you’ll need an IRD number.
If you don’t meet the criteria to apply for an IRD number, email us at email@example.com to discuss your situation.
We’ll ask you some questions to determine if the entity you’re registering is an NZFI that needs to be reported on to us for FATCA purposes.
Question 1: Are you a Financial Institution?
Yes: Go to question 2.
No: You must be a Financial Institution to register for Inland Revenue’s FATCA service.
You must be an entity to register for Inland Revenue’s FATCA service.
If you are an individual, you do not need to proceed with this registration.
Only entities can be reporting financial institutions for FATCA.
The definition of an entity is broad and consists of any legal arrangement, whether or not a separate legal entity is created. It therefore covers e.g. companies, joint ventures, partnerships, limited partnerships, and trusts (including unit trusts and discretionary trusts).
The entity customer types for FATCA include (but are not limited to):
- certain insurance companies
- custodial institutions
- hedge funds
- mutual funds
- superannuation funds
- private equity firms, and
- certain managed entities.
You must be a financial institution to enrol for Inland Revenue’s FATCA service.
A ‘financial institution’ is defined as:
- custodial institution
- depository institution
- investment entity, and
- specified insurance company.
Question 2: Is the Financial Institution being reported on in New Zealand?
Yes (resident in New Zealand or branch in New Zealand?): Go to question 3.
No: You must be an entity who is resident in New Zealand (or has a branch located in New Zealand) to register for Inland Revenue’s FATCA service.
Entities must be resident within New Zealand (or have a branch in New Zealand) to enrol for Inland Revenue’s FATCA service.
This is generally based on the tax residency of the entity.
However, special FATCA residency rules apply for trusts (other than unit trusts) and entities that do not have a tax residency.
A trust (other than a unit trust) is generally treated as being resident for FATCA purposes in New Zealand if it has a trustee that is tax resident in New Zealand. However, the FATCA trust residence rule is detailed and has some exceptions. Please refer to the FATCA trusts Competent Authority Arrangement entered into between the United States and New Zealand for further detail.
An entity other than a trust that does not have a tax residency (such as a partnership, which may not have a tax residency) will be treated as being resident for FATCA purposes in New Zealand where any of the following apply:
- it is incorporated in New Zealand
- it has its place of management (including effective management) in New Zealand, or
- it is subject to financial supervision in New Zealand.
Multiple Residence Entities (except Trusts): Place where the accounts are maintained (i.e. whether the accounts are maintained in New Zealand).
Question 3: Are you excluded from reporting?
Yes (excluded from reporting): You have determined that you are a category of financial institution that is not required to report (or be reported on) for FATCA purposes. You do not need to register with Inland Revenue for a FATCA account.
No (required to report or be reported on): Go to question 4 (trustee documented trusts and sponsored financial institutions should go to question 4 if they have reportable accounts - i.e. they will be reported on). You are a financial institution with FATCA reporting obligations (or that is reported on for FATCA purposes) and can register for our FATCA service. Please continue with your registration.
Some categories of financial institutions are generally not required to report FATCA information. These are classified as Non-Reporting Financial Institutions in the FATCA.Non-Reporting Financial Institutions include:
- certain governmental entities
- certain international organisations
- central banks
- certain retirement fund
- pension funds of a governmental entity, international organisation or central bank
- qualified credit card issuers
- certain collective investment vehicles
- certain investment advisors and investment managers (in prescribed circumstances)
- financial institutions with a local client base
- certain non-registering local banks
- certain financial institutions with only low value accounts
- trustee-documented financial institution trusts (where a financial institution trustee reports to Inland Revenue on behalf of a financial institution trust), and
- sponsored financial institutions (where a financial institution sponsor reports to Inland Revenue on behalf of the sponsored financial institution).
The limited circumstances where a Non-Reporting Financial Institution will be required to report FATCA information to Inland Revenue (or be reported on for FATCA purposes) are set out in our FATCA registration guidance notes IR1081.
Please note that Trustee Documented Financial Institution Trusts and Sponsored financial institutions will be required to be registered with Inland Revenue if they have any accounts that need to be reported. Therefore, such entities should go to question 4.
Question 4: Have you registered with the Internal Revenue Service (IRS) and received a GIIN (Global Intermediary Identification Number)?
Yes: Provide the Reporting Financial Institution GIIN.
No: You must have a GIIN to register for Inland Revenue’s FATCA service. If you do not have GIIN, and you are required to, you need to apply for one with the IRS. You need a GIIN or FIN to register for Inland Revenue’s FATCA service. Note: Trustee documented FI trusts and sponsored, closely held investment vehicles do not have GIINs. However, you will need to obtain and provide the trustee’s (or sponsor’s) GIIN.
A Global Intermediary Identification Number (GIIN) is assigned by the U.S. FATCA Registration System to financial institutions and direct reporting non-financial foreign entities. Those assigned a GIIN may use it to identify themselves to withholding agents and tax administrations for FATCA reporting.
New Zealand Financial Institutions
Financial Institutions with FATCA obligations are able to report the relevant information to us in myIR. You must complete your reporting by 30 June of the relevant tax year.
Instructions on how to submit a FATCA disclosure are in the Foreign Account Tax Compliance Act (FATCA) - registration and reporting user guide.
We can't provide extensions to the reporting period as this obligation is set out in the Tax Administration Act 1994. It's also important that New Zealand meets its international obligations.
You are able to choose from three different reporting options:
- Online form for small volume disclosures.
- Excel template for medium volume disclosures of up to 1,000 records (see "Note" below).
- XML for large volume disclosures with a maximum file size of 350mb.
Requesting a copy of the FATCA excel reporting template
You must make sure you use the appropriate version of this template when reporting. This version will be available in myIR.
Account holders and controlling persons
Account holders and controlling persons aren’t required to report to us. Their financial institution will report the prescribed information about their accounts, eg, if they are U.S. persons or are otherwise reportable.
New Zealand has an automatic exchange of information (AEOI) exchange agreement with the United States of America and we‘ll send this information to the IRS by 30 September of the relevant tax year.
We'll handle all information reported under FATCA in the strictest confidence as will the IRS. Domestic laws, administrative practices, and binding international treaties protect your information.
New Zealand Financial Institutions
Penalties can apply to financial institutions if you don’t comply with FATCA due diligence (including record keeping) and reporting obligations. This includes escalating thresholds of criminal penalties for knowledge-based offences.
Account holders and controlling persons
Penalties may apply if you:
- provide false, incomplete or misleading information,
- fail to provide this information, or
- fail to provide an update if there is a material change to the information you have provided.
This includes civil penalties of $1,000 that we could apply as well as criminal penalties that can apply for knowledge-based offences.
- FATCA registration guidance notes IR1081
- FATCA due diligence guidance notes IR1082
- U.S. reportable accounts guidance notes IR1083
- Foreign Account Tax Compliance Act (FATCA) - registration and reporting user guide