Inland Revenue has extended the deadline for the OECD/G20 Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) and the United States “Foreign Account Tax Compliance Act” (FATCA) to 30 September 2020 due to the delays caused by the Covid-19 crisis.
The annual reporting deadline is normally 30 June.
The AEOI CRS deadline is specified in section 185N(6) of the Tax Administration Act 1994 (TAA). For FATCA the deadline is specified in section 185M(2) of the TAA. The 30 June deadline is driven by New Zealand’s international treaty obligations to exchange AEOI CRS and FATCA data with other jurisdictions by 30 September.
“Now that we are in Alert Level 2 and based on the feedback we have had so far, we do not expect there would be any challenges to meet the 30 September 2020 deadline,” says Inland Revenue.
However, it encourages anyone who feels they cannot meet the extended deadline, to approach the department and explain your circumstances to request an extension.