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Tax Administration Act 1994

Foreign account information-sharing agreements - Foreign account information-sharing agreements generally

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

You could also call this:

"Telling banks the information they need about your account"

Illustration for Tax Administration Act 1994

You have a financial account with a bank or other financial institution. The bank must follow rules called the FATCA agreement or CRS applied standard. When the bank asks you for information, you must provide it. You might be asked to give information about yourself or others connected to the account. You must make an effort to get the information and give it to the bank. If someone else asks you for information about the account, you must provide it and try to get information from others connected to the account. If you give information and something changes, you must tell the bank or the person who asked for the information. You should do this as soon as you can after the change happens. You can find more information about the rules the bank must follow in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7330408.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Taxes
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Part 11BForeign account information-sharing agreements
Foreign account information-sharing agreements generally

185PRequirements for persons to provide information to financial institution

  1. This section applies to a person or entity connected with a financial account if the financial institution that maintains the financial account is required under the FATCA agreement or CRS applied standard (the account requirements) to perform due diligence for the financial account.

  2. When a financial institution requests a person or entity (the institution contact) to provide information that the financial institution is required to obtain under the account requirements for the financial account, the institution contact must—

  3. provide to the financial institution the required information for the institution contact; and
    1. make reasonable efforts to obtain the required information for each other person or entity connected with the financial account, and provide the information to the financial institution.

      1. When a person or entity connected with the financial account (the secondary contact) is asked by an institution contact or other person or entity (the requesting person) to provide information related to the financial account and referred to in subsection (2)(b), the secondary contact must—

      2. provide the requesting person with the required information for the secondary contact; and
        1. make reasonable efforts to obtain the required information for each other person or entity connected with the financial account and the secondary contact, and provide the information to the requesting person.

          1. If a person or entity provides information to another person or entity as required by this section, the person or entity must, within a reasonable time of becoming aware of a material change in circumstances affecting that information, provide details of the material change to—

          2. the other person or entity, if the other person or entity is still connected with the financial account and responsible as a requesting person for the information; or
            1. the financial institution, if paragraph (a) does not apply.

              Notes
              • Section 185P: 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).