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.
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.
Accountants, Lawyers and AML Compliance Officers
Dr Peter Loerscher, International Tax Ltd, on behalf of TEO
1.25 CPD Hours