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  • Have overseas accounts? What you need to know

    21 June at 10:02 from atlas

    If you have an account with an offshore financial institution, including accounts maintained with certain offshore trusts, information about your overseas investments will soon be shared with Inland Revenue.

    What you need to know

    New Zealand is one of 105 countries and territories that has committed to sharing financial account information to combat global tax evasion. These laws have been in place since 1 July 2017.

    From August 2018, the government will receive information about New Zealand tax residents with offshore financial accounts from other countries' financial institutions, which might include offshore trusts.

    If you have an account with an overseas financial institution (including certain offshore trusts) you'll be required to confirm and disclose your tax residence status and tax identification number (TIN) with the overseas financial institution. The financial account information will be exchanged and will help Inland Revenue verify that everyone is paying the correct tax on these overseas investments.

    What you need to do

    You have an opportunity to make sure your tax affairs are in order before Inland Revenue receives the first automatic exchange from August 2018 onwards.

    If you think or know there is an error in your tax affairs, Inland Revenue encourages you to voluntarily disclose it before they identify the error.

    International tax laws are complex. Consider getting specialist help to make sure you're doing it right. 

 

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