Automatic Exchange of Information (AEOI)
Confirm your Tax Residency
Because of Globalisation it has made it easier for individuals to invest money outside their tax residence jurisdiction providing opportunities for offshore tax evasion.
New Zealand has committed to a global initiative led by the Organisation for Economic Co-operation and Development (OECD) on the automatic exchange of financial account information.
The Automatic Exchange of Information (AEOI) is a requirement under law from the 1st July 2017. Whereby all NZ Financial Institutions will need to collect and report information to the Inland Revenue Department on accounts held or controlled by non-residents- foreign tax Resident (FTR). This information may then be exchanged with overseas tax authorities.
New Credit Union South Members
From 1 July 2017, Credit Union South will be asking you if you are a resident for tax purposes in another country.
If the answer is Yes – we will provide a self-certification form to be completed by you.
Unwilling to complete the self-certification Form
If after having stated “Yes” that you are a resident for tax purposes in another country, but are unwilling to complete the self-certification form Credit Union South cannot proceed with an account set up until we have a completed self-certification form.
If you are unsure about your foreign tax residency, or have any specific questions, we recommend that you contact a tax adviser or the relevant tax authority. Credit Union South is unable to give tax advice.
Click here for more information on the Automatic Exchange of Information (AEOI)