Common Reporting Standards (CRS) 2020 – a practical webinar for accountants

Description

30 June 2020 is the second full reporting period on all financial accounts, this practical session will focus on the implantation of a due diligence process for accountants/clients and IRD’s activity on the incoming data

The Common reporting Standard (CRS) is the single global standard which imposes due diligence and reporting obligations on certain New Zealand entities to identify and report particulars relating to their settlors, beneficiaries, partners, trustees or any other person that has provided an advance or loan to the entity.

New Zealand entities are required to determine their CRS status for the income year ending 31 March 2020 – that means the entities are required to identify all account holders and apply the due diligence rules. The results of the compulsory due diligence might need to be reported to IRD by 30 June 2020. The webinar will explain the key elements and provide a practical approach on the CRS process to ensure participants their practice and their clients are CRS compliant.

IRD has started to verify the incoming CRS data and has issued a significant amount of risk review letters to identify non-compliant New Zealand tax residents. We understand that IRD will review each New Zealand resident account holder for which they obtained foreign account holder data. This includes a significant amount of New Zealand resident beneficiaries of foreign estates/trusts.

The webinar will explain the key risk areas of the incoming data and IRD’s approach to address these risks. 

LEARNING OUTCOMES

Attendees will understand how the rules need to be implemented, what the key risks areas are for accountants and their clients, what due diligence means and how they mitigate compliance risks associated with incoming and outgoing data.

SUITED TO

Accountants, Lawyers and AML Compliance Officers

PRESENTER

Dr Peter Loerscher, International Tax Ltd, on behalf of TEO

1.25 CPD Hours

  • Mar 03
    Tue, 10:30 AM NZDT - 11:45 AM NZDT Online
    • $195.00 excl. GST

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One-connection-one-fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Recordings

All registrants that do not log into the live webinar are automatically sent a recording either later the same day or early the next business day.

If you did log in and wish to view again simply drop us a line at NZ‑learning@wolterskluwer.com and we’ll be happy to send it to you via email.

Sole practitioners

A discount on webinars is available for sole practitioners. Please contact us at NZ‑learning@wolterskluwer.com to confirm eligibility.