Important changes are coming that will affect all Reporting New Zealand Financial Institutions (Reporting NZFIs) under the Common Reporting Standard (CRS).
The OECD published a 3rd version of the CRS XML schema. All CRS information exchanges must comply with it from 1 January 2027.
This updated format supports the reporting changes introduced by the amended CRS.
What this means for Reporting NZFIs
- Some products and accounts may now need to be reported that were not previously.
- More information may need to be collected and reported, including new mandatory data elements.
- New validations may identify data quality issues, resulting in filing errors that need to be corrected before submission.
Cutover timeline and planned outage
- 30 November 2026 – the final date reports can be submitted using the current schema.
- 1 December 2026 to 4 January 2027 – all filing options will be unavailable in myIR while we update our systems.
- 5 January 2027 – all filing options will resume in myIR using the new schema 3.0.
Early filing for the 2027 year is currently unavailable and will start again on 5 January 2027.
How filing options are changing
In myIR, changes will depend on the method used to submit CRS information.
- Online form – some new fields will be added
- Excel upload – a new version of the template will be available
- XML upload – only schema 3.0 will be accepted after cutover.
An XML validation service is available for XML filers to test their reporting file against the new schema and validations.
Reporting and correcting for earlier periods
After the cutover, all reporting must be submitted using the new schema. This includes corrections and additional information for earlier periods (31 March 2026 and earlier) reported using older schemas.
The new fields can be populated using transitional code values.
More information
We have updated our guidance to help you interpret and implement the CRS changes.
Common Reporting Standard (CRS)
If you have any questions about the CRS or the new schema, you can email us.