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Tax Administration Act 1994

Determinations - Determinations relating to foreign account information-sharing agreements

91AAW: Non-reporting financial institutions and excluded accounts for CRS applied standard

You could also call this:

"Some banks and accounts don't have to share information due to special rules."

Illustration for Tax Administration Act 1994

The Commissioner can decide that some financial institutions do not have to report information under the CRS applied standard and requirements in Part 11B. You might be wondering what a non-reporting financial institution is - it's a financial institution that does not have to report information. The Commissioner can also decide that some financial accounts do not have to be reported. The Commissioner's decision can say how long it will apply, but it cannot start before the last reporting period. A new decision can change, extend, limit, stop, or cancel an earlier decision. The Commissioner's decision is a type of law called secondary legislation, which has its own publication requirements - you can find out more about this in Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7127211.

Topics:
Money and consumer rights > TaxesMoney and consumer rights > Banking and loans
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91AAX: Accounting and rate determinations relating to AIM method, or

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Part 5Determinations
Determinations relating to foreign account information-sharing agreements

91AAWNon-reporting financial institutions and excluded accounts for CRS applied standard

  1. The Commissioner may determine that, for the purposes of the CRS applied standard and requirements under Part 11B,—

  2. a financial institution, or type of financial institution, is a non-reporting financial institution:
    1. a financial account, or type of financial account, is an excluded account.

      1. The determination may set out the period for which it is to apply, which must not begin before the latest reporting period that finishes before the determination is made.

      2. A determination may provide for the change, extension, limitation, suspension, or cancellation of an earlier determination.

      3. A determination under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

      Notes
      • Section 91AAW: inserted, on , by section 14 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).
      • Section 91AAW(4): replaced, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).