We recently contacted a small group of TSB customers who had not yet updated their foreign tax information by confirming whether they are tax residents of any countries outside of New Zealand or not. Please see the Frequently Asked Questions (FAQs) below for more information on this process.
Foreign Tax Residents
New Zealand has committed to the OECD Automatic Exchange of Information (AEOI). As part of this commitment the government has passed legislation requiring all banks and other financial institutions to collect certain information about customers and report it to Inland Revenue. Inland Revenue may then share it with overseas tax authorities to help ensure everyone pays the right amount of tax.