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.

 

 

Frequently asked questions

  • I am a TSB customer. What does this mean for me?

    We will be asking all customers to provide us with confirmation of any countries beyond New Zealand where you have tax residence and your tax numbers for those countries. If you don’t have any, we will ask you to confirm that fact. 

    If you are in charge of an entity we will also be asking you to tell us your foreign tax entity classification. We will provide you with a simple tool to help determine this.

  • What do I need to do?

    For new customers we will be asking this information when you join up. If you are an existing customer we will be asking you this information when you go into a branch, call us, or through our digital channels.

    If you receive a request, you will need to provide us with the information required. It is important that you respond truthfully and to the best of your knowledge.

    If you refuse to provide the information, or intentionally mislead us, we will refuse to open the new accounts, and if you are an existing customer we will be entitled to close your accounts.

    As per our general terms, if any key information about your situation changes we ask that you contact us as soon as possible to update your details.

  • I received a letter/email from TSB. How do I know it is legitimate?

    In order to help us comply with AEOI, we recently contacted a small group of TSB customers by letter and email. These were 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.

    If you received a letter or an email from us asking you to confirm your foreign tax information with us, the safest way to provide this information is by visiting your local branch or call us on 0800 872 226 between 8am and 7pm Monday to Friday, or between 9am and 5pm on weekends.

  • Someone from TSB rang me and asked me for information. How do I know that it is safe to provide my personal details over the phone?

    Our experienced consultants made some outbound calls to those customers we didn’t hear from following the letters/emails we sent in March 2018, in order to update their information over the phone.

    If you received a call from one of the team and didn’t feel comfortable providing the information requested, the safest option is to hang up and contact the team at TSB directly using a method you trust.

    You’re welcome to visit your local branch or call us on 0800 872 226 between 8am and 7pm Monday to Friday, or between 9am and 5pm on weekends.

  • What other information do I need to provide?

    While we are confirming your foreign tax information, we may also ask you some questions to ensure we have your correct personal details, including contact information, on your customer record.

  • What will you do with the information I provide?

    TSB will hold any information received on your customer record. As with any information you give us it will be held securely and will not be used for any purpose other than to enable us to meet our legal obligations.

    Information will be provided to the Inland Revenue as required. All information will be submitted securely, and once it is with Inland Revenue they will only use it for the purposes of information exchange with other countries that have committed to AEOI.

LEARN MORE

If you have further questions, please contact Inland Revenue or the tax authority of your country of residence, or seek advice from a tax agent or advisor. For more general information about tax residence and automatic exchange of information, please visit: