The Common Reporting Standard (CRS) is a set of rules on how countries taking part in the AEOI collect, report, and share financial account information. CRS is led by the OECD and under CRS, participating governments share details of accounts held by foreign tax residents.
Under the Tax Administration Act and international agreements New Zealand has signed, we need to comply with CRS. CRS requires financial institutions to collect a self-certification from customers about their tax residency status, and if applicable, collect other related tax information including countries of foreign tax residence and Tax Identification Numbers (TINs). New Zealand financial institutions provide this information to Inland Revenue yearly, and Inland Revenue may then share the information with tax authorities overseas. CRS has been in place in New Zealand since 1 July 2017.
When you open new accounts with us, you’ll need to complete a self-certification for both FATCA and CRS under New Zealand law and the results may be serious if you don’t or if the information you give is incomplete or incorrect. Under New Zealand law, there may be fines that apply and we may not be able to open accounts for you or may need to close or freeze existing accounts.
Find out more about AEOI on the ANZ Australia website. This contains links to the country-specific self-certification forms and tax authority sites.