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The New Zealand government signed up to the Automatic Exchange of Information (AEOI) initiative a little while ago.

This is a global OECD initiative to combat tax evasion, particularly against those who use foreign tax jurisdictions to hide their wealth and evade paying tax in the process.

In fact, there is already something like 100 countries who have signed up to this initiative.

Inland Revenue plans to use a number of promotional channels such as Facebook, etc to target New Zealand residents who have interests in overseas institutions that require disclosure.

Australian residents who use New Zealand business structures such as companies should also bear in mind the Automatic Exchange of Information technology that Inland Revenue users to share with the ATO.

The initial focus is on New Zealand residents (including New Zealand companies) who, in turn, have bank accounts or other financial interests in another country.

It’s important that if this situation applies to you, or might apply to you, you contact us for advice.

It’s another reason why financial institutions are requiring you to declare any tax residencies you might have besides New Zealand.

If you are operating through a New Zealand company, yet the effective management and control is taking place in Australia, it could be that you also have an Australian tax residency.

In these circumstances, having a New Zealand resident company will not, by that alone, exclude you from also having an Australian tax residence.

And if there is an Australian tax residence this may also impact on the legitimacy of your New Zealand structures.

When you are completing forms from banks and financial institutions asking about your tax residency, you should note this information is passed on to Inland Revenue.

If you have previously completed a form which you now suspect might be incomplete or incorrect, you can contact us.

We can adjust your records and bring them up to date through our tax management system which does not require contacting Inland Revenue directly.


The information in this article is indicative only, not intended to be complete for all intents or purposes and does not constitute advice. It is recommended that you obtain professional advice, suited to your particular circumstances, from us before acting on anything you read.