Tax Administration Act 1994

Schedule 2: Application of CRS standard

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You need to know about the Application of CRS standard. This standard is part of the Tax Administration Act 1994. It has rules that modify the CRS standard. The terms reporting period, calendar year, and year mean a 12-month period ending with 31 March. Some sections of the CRS standard are replaced or modified. For example, some date references are replaced with 30 June 2017 or 31 March. Some terms have special meanings, like Non-Reporting Financial Institution and Preexisting Account. These terms are defined in the CRS standard or in the Commentary on the CRS standard. You can find more information about these terms in the relevant sections of the CRS standard or the Commentary.

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This page was last updated on 28 November 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7333900.

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Money and consumer rights > Taxes

Schedule 1: Inland Revenue Acts, or

"Laws about taxes and money in New Zealand"

Schedule 3: Record-keeping requirements, or

"Keeping Records for Tax Purposes"

2Application of CRS standard Empowered by s 185O

1Items modifying CRS standard

The terms reporting period, calendar year or other appropriate reporting period, calendar year, and year mean a 12-month period ending with 31 March, unless the context requires a different interpretation.
Sections I to VII are replaced by the Sections I to VII included in Annex 5 (Wider Approach to the Common Reporting Standard) of the CRS publication, as amended from time to time, modified by items 3 to 12.
In Section I, paragraph C, the words or with respect to each Financial Account that is opened prior to becoming a Reportable Account are disregarded.
Section I, paragraph F is disregarded.
In Section III, subparagraph C(6), the date reference is replaced by 30 June 2017.
In Section III, paragraph D, the date reference is replaced by the words 30 June 2018, for pre-existing individual accounts that are high value accounts, or 30 June 2019 for pre-existing individual accounts that are lower value accounts.
In Section V, paragraph A, the date reference is replaced by 30 June 2017.
In Section V, paragraph B, the date references are replaced by 30 June 2017.
In Section V, subparagraph D(1), the first date reference is replaced by 30 June 2017 and the second date reference is replaced by 30 June 2019.
In Section V, subparagraph D(2), the first date reference is replaced by 30 June 2017 and the second date reference is replaced by 31 March.
In Section VII, paragraph B, the alternative procedures under the special due diligence rules include the procedure given in paragraph 13 of the Commentary on Section VII.
Under Section VII, subparagraph C(4), an entity has the option of treating all dollar amounts referred to in the CRS standard as being in New Zealand dollars.
In Section VIII, subsubparagraph B(1)(c), the term Non-Reporting Financial Institution includes a person or entity determined by the Commissioner under section 91AAW to be a non-reporting financial institution for the purposes of the CRS applied standard.
In Section VIII, subsubparagraph B(8)(b), the date reference is replaced by 1 July 2017.
In Section VIII, subsubparagraph B(9)(a), the date reference is replaced by 30 June 2017.
In Section VIII, subsubparagraph B(9)(d), the date reference is replaced by 30 June 2018.
In Section VIII, subparagraph C(9), the definition of the term Preexisting Account is the replacement definition given in paragraph 82 of the Commentary on Section VIII, with the date reference in subsubparagraph (a) of the replacement definition being 30 June 2017.
In Section VIII, subparagraph C(10), the definition of the term New Account is—
New Account means a Financial Account maintained by a Reporting Financial Institution that is not a Pre-existing Account.
In Section VIII, subparagraph C(14), the date reference is replaced by 30 June 2017.
In Section VIII, subparagraph C(15), the first date reference is replaced by 30 June 2017 and the second date reference is replaced by 31 March.
In Section VIII, subsubsubparagraph C(17)(f)(ii), the date reference is replaced by 1 July 2017.
In Section VIII, subsubparagraph C(17)(g), the term Excluded Account includes an account determined by the Commissioner under section 91AAW to be an excluded account for the purposes of the CRS applied standard.
In Section VIII, subparagraph D(4), the term Reportable Jurisdiction means a jurisdiction identified as a reportable jurisdiction by the Governor-General by Order in Council and not subject at the time to a suspension under an Order in Council or a determination of the Commissioner.
In Section VIII, subparagraph D(5), the term Participating Jurisdiction includes New Zealand in addition to jurisdictions determined by the Commissioner to be participating jurisdictions.
In Section VIII, subparagraph E(4), the definition of the term Related Entity is the replacement definition given in paragraph 82 of the Commentary on Section VIII.

2Items modifying and clarifying Commentary on the CRS standard

In the application of the Commentary on the CRS standard (the Commentary) to the interpretation of the definitions of Investment Entity and Custodial Institution in the CRS, a reference in a definition to the Entity’s gross income attributable to [certain activities of the Entity] is treated as being a reference to the total gross income arising for the Entity and other entities that is attributable to the Entity’s performance of the activities.

Notes

Schedule 2 Part 2 item 1: inserted (with effect on 1 July 2017), on 26 June 2019, by section 105(2) of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).