Source: Ministry of Business, Innovation and Employment (NZ) www.business.govt.nz
Do you have overseas accounts and investments?
If you have an account with an offshore financial institution, including banks and accounts maintained with certain offshore trusts, upcoming changes will see information about your overseas investments being shared with the IRD.
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.
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. This financial account information will be exchanged and will help the IRD verify that everyone is paying the correct tax on these overseas investments.