Plain language law

New Zealand law explained for everyone

Tax Administration Act 1994

Foreign account information-sharing agreements - CRS standard

185O: Application of Common Reporting Standard

You could also call this:

"Following the Common Reporting Standard for tax purposes"

Illustration for Tax Administration Act 1994

You need to follow the Common Reporting Standard when working out what you must do under the Inland Revenue Acts. The CRS standard is changed for New Zealand in the ways set out in part 1 of Schedule 2. You apply the CRS standard as changed and in line with the Commentary on the CRS standard, as amended and modified in part 2 of Schedule 2. If a term is defined in the CRS standard and used in the Inland Revenue Acts, it has the same meaning as in the CRS standard. You can make an election that fits with the CRS standard if it does not go against the Inland Revenue Acts. If you make an election, you must meet the CRS requirements in a way that is consistent with your election.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7330404.

Topics:
Money and consumer rights > Taxes
Previous

185N: Requirements for financial institution, or

"Rules for banks and other financial institutions to report account information"

Next

185P: Requirements for persons to provide information to financial institution, or

"Telling banks the information they need about your account"

Part 11BForeign account information-sharing agreements
CRS standard

185OApplication of Common Reporting Standard

  1. This section provides for the application of the CRS standard in determining the requirements for a person or entity under the Inland Revenue Acts.

  2. The CRS standard is modified for the purposes of determining the requirements for a person or entity under the Inland Revenue Acts in the ways specified in Schedule 2, part 1.

  3. The CRS standard is treated as applying at a time—

  4. as modified by subsection (2); and
    1. consistently with the Commentary on the CRS standard contained in Part IIIB of the CRS publication, as amended at the time and as modified and clarified in the ways specified in schedule 2, part 2.

      1. In the application of the CRS standard at a time, a term defined in the CRS standard and used in the Inland Revenue Acts has the meaning that it has at the time under the CRS standard, as modified by subsection (2).

      2. A person or entity may make an election that is consistent with the CRS standard if the election is not contrary to the Inland Revenue Acts.

      3. A person or entity that makes an election referred to in subsection (5) must meet the requirements of the CRS applied standard consistently with the election.

      Notes
      • Section 185O: inserted, on (applying for arrangements affecting the requirements of a person under this Part for a reporting period ending after 31 March 2017), by section 28(1) of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).
      • Section 185O(2): amended (with effect on 1 July 2017), on , by section 104(1) of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).
      • Section 185O(3)(b): amended (with effect on 1 July 2017), on , by section 104(2) of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).