Automatic Exchange of Information (AEOI)

Why we ask for overseas tax details

Under the AEOI standard*, we’re legally required to collect certain tax information from anyone who joins Kiwibank or when anyone opens a new account. We’ll be unable to open an account until everyone linked to the account has provided the required information.

Where a foreign tax residency is identified, we’re required to share relevant information with Inland Revenue (IR). IR may then share that information with overseas tax authorities. This helps tax authorities share information fairly and transparently.

If you’d like to know more about this legislation and how it may affect you, visit ird.govt.nz.

What information you need to give us

You'll need to tell us about your tax residency, including all jurisdictions in which you are a tax resident, even if New Zealand is your place of residence.

• If you’re a tax resident of New Zealand only, you still need to confirm that you’re not a tax resident of any other country.
• If you’re a tax resident of any country outside New Zealand, we’ll need your Tax Identification Number (TIN), or the equivalent, for each relevant country.

Who needs to provide information

Anyone joining Kiwibank or opening a new account will be prompted to provide overseas tax information, including if you’re an:

• individual
• company
• trust
• partnership
• limited liability company.

If you already have an account with us we may contact you if additional tax information is required.

Extra details for businesses, trusts & other entities

If you’re opening an account for an entity, for example, a company, trust or partnership, we’ll also ask whether the entity is:

• a foreign tax resident
• a passive Non‑Financial Entity (NFE).

A passive NFE is usually an entity that is not a financial institution and:

• earns most of its income from passive sources, such as interest and dividends, and/or
• holds mainly passive assets.

If the entity is a passive NFE, we’ll need information about:

• all controlling persons who are foreign tax residents, and
• all roles and relationships held by each controlling person.

What is a Tax Identification Number (TIN)?

A TIN is a unique number or combination of letters and numbers used by a country to identify a person or entity for tax purposes. In New Zealand, this is your IRD number. Other countries use different formats.

Some countries don’t issue a TIN but use a functional equivalent, such as:

• a social security or insurance number
• a citizen or personal identification service code or number
• a personal or resident identification number.

For further details of acceptable TINs, visit oecd.org.

What if I don’t have a TIN (or a functional equivalent)?

In some cases:

• the country doesn’t issue TINs, or
• you’re not required to provide one.

If this applies to you, you can give an acceptable explanation instead. You can find more information at oecd.org.

What is a tax resident?

Each country or jurisdiction has its own rules for tax residency. We don’t provide personalised advice on this.

In general, you’re a tax resident of a country if, under its laws (including tax agreements), you have an obligation to pay tax there. This can depend on things such as:

• where you live — for example, the country where you usually live or spend most of your time
• your domicile — the country you consider your permanent home, even if you’re living overseas temporarily
• where a business is managed or incorporated, or
• other similar factors — not just where income is earned.

If an entity, such as a partnership or limited liability partnership, doesn’t have a tax residence, it’s usually treated as tax resident where its effective management is located.

Many countries publish their tax residency rules on the OECD website at oecd.org. If you’re unsure, we recommend speaking with a tax adviser.

How to give us your overseas tax information

Update your details online

You can update your overseas tax details online through the mobile app or internet banking.

Update in the mobile app

1. Tap 'More'.
2. Select 'Personal Details'.
3. Tap ‘Overseas tax details’.

Update in internet banking

1. Select the ‘Settings’ icon at the top of the page.
2. Click ‘Overseas tax details’.

Provide details using a form

If you don’t have internet banking, or you’re completing a self-certification for an entity or on behalf of someone else, fill in one or more of the following forms:

• Tax Residency Self Certification Form for an Individual/Controlling Person
• Tax Residency Self Certification Form for an Entity Account Holder

Email the completed form/s to aeoi@kiwibank.co.nz, or post them using the address on the form/s.

Update your details by calling us or visiting a branch

If you need another way to provide this information you can also:

• Call us Monday to Friday between 8:30 am - 5 pm on 0800 527 948 (option 1), or from overseas +64 4 439 2819.
• Visit your nearest Kiwibank.

Please have your tax identification number/s ready.

Keeping your details up to date

Your tax residency can change over time, and it's important to keep your overseas tax details up to date.

There’s no limit on how often you can update your information, and under New Zealand law, you must tell us if your overseas tax status changes.

Who can provide information on your behalf

You usually need to provide your own overseas tax residency information unless you're a child or you have a Power of Attorney (POA).

Children & teens

Parents or guardians will need to show photo ID and proof of their relationship to the child.

Aged 12 & under

A parent or guardian must provide the information on the child's behalf.

Aged 13 - 15

• If a parent or guardian opens the account, they must provide the information on behalf of the child.
• If the child opens the account themselves, they can provide the information.

Aged 16 and over

They can provide the information themselves.

Power of Attorney

Your POA can provide this information on your behalf.

What happens if you don’t provide the information

Providing accurate information to the best of your knowledge helps us meet our obligations under the Automatic Exchange of Information rules.

If you’re a new customer, we can’t open an account until we’ve received all required details. If you’re an existing customer, you won’t be able to open new accounts until the required information is provided.

For some entities, all controlling persons must also provide their details.

Providing incorrect information

It’s important to keep your information accurate and up to date. Inland Revenue can penalise anyone who:

• provides false or misleading information
• fails to provide required information, or
• doesn’t update information if there’s a material change to what they’ve previously provided.

This can include civil penalties of $1,000. Criminal penalties may also apply for knowledge‑based offences.

These penalties help ensure the AEOI regime works as intended. Other participating countries have similar rules in place.