clients tax residency · monthly submission for cfs accounts & clients crs information 1....

Clients Tax ResidencyData capture process

© BNZ 2018 | PRIVATE & CONFIDENTIAL | BUSINESS UNITS

© BNZ 2018 | PRIVATE & CONFIDENTIAL | BUSINESS UNITS 2

Process

BNZ Customer

1. Collects self-certification from Clients

2. Captures information in Clients Tax Residency Spreadsheet provided

3. Name files using naming convention required

4. Send the Clients Tax Residency Information Spreadsheet

Email: [email protected]

Process

BNZ

5. Receive and process information required

PLEASE NOTE as part of BNZ’s quality assurance review, BNZ may select a sample of clients and you may be asked to provide the relevant supporting documentation for these clients.

mailto:[email protected]


Completing the Clients Tax Residency Spreadsheet

Please do not include accounts that you have classified as excluded for CRS and FATCA. Please refer to ‘NZ CRS Applied Standard’ - Section VIII Defined Terms – Part C (No.17) for IR guidelines on

excluded accounts.

Who should be included?

1. For an INDIVIDUAL all active and closed accounts where the client declares themselves as a foreign tax resident on their self-certification form.

2. For an ENTITY all active and closed accounts where:a. The entity classification is "Active NFE" AND the client declares themselves as a

foreign tax resident on their self-certification form; orb. The entity classification is "Passive NFE" AND the client declares themselves New

Zealand AND/OR a foreign tax resident on their self-certification form.

3. For CONTROLLING PERSONS (must be a natural person) associated with the "Passive NFE" AND the client declares themselves New Zealand AND/OR a foreign tax resident on their self-certification form.

http://www.ird.govt.nz/resources/d/9/d99f167c-2f4b-4b87-bef3-ac56d08d8ee0/nz-crs-applied-std.pdf


Completing the Clients Tax Residency Spreadsheet

General rules for ALL Sheets:

Only enter details of ONE individual, entity or controlling person on EACH ROW (i.e. do not spread single records across multiple rows as this does not comply with IRD reporting requirements)

Complete ALL fields and DO NOT enter BLANK ROWS into the return.

If the entity classification equals PASSIVE NFE, ensure ALL CONTROLLING PERSONS (New Zealand and Foreign) of that entity are included in the controlling persons tab.

For Joint accounts, show each INDIVIDUAL on a SEPARATE ROW, for example:

For multiple controlling persons of an entity, show each INDIVIDUAL on a SEPARATE ROW, for example:

For individuals, entities or controlling persons with MULTIPLE COUNTRIES OF TAX RESIDENCY, copy all other account details down and show the different countries in the relevant "Countries of Tax Residence" field

Date of self-certification

(DD/MM/YYYY)

Client's CFS Account Number

(A 5 digit number - see instructions

for further information)

Client's First Name Client's Last Name Address (Street) Address (City) Address (Country) Date of Birth

(DD/MM/YYYY)

Country of Tax

Residence

US Citizen (Y/N) Tax Number or Reason

Code

31/05/2018 00123 Amanda Smith 1, BankSteet Wellington NEW ZEALAND 05/05/1985 AUSTRALIA N 123-456-789

31/05/2018 00123 John Smith 1, BankSteet Wellington NEW ZEALAND 25/06/1987 AUSTRALIA N 456-123-678


(DD/MM/YYYY)


(A 5 digit number - see instructions

for further information)

Client's First Name Client's Last Name Address (Street) Address (City) Address (Country) Date of Birth

(DD/MM/YYYY)

Country of Tax

Residence

US Citizen (Y/N) Tax Number or Reason

Code

31/05/2018 00045 Greg Andrews 23,Institution Lane Wellington NEW ZEALAND 24/03/1963 UNITED KINGDOM N 9999923456

31/05/2018 00045 Greg Andrews 23,Institution Lane Wellington NEW ZEALAND 24/03/1963 AUSTRALIA N 123-589-345


(DD/MM/YYYY)


(A 5 digit number - see instructions for further

information)

Entity Name Controlling Person

(First Name)

Controlling Person (Last

Name)

Controlling Person

Address (Street)

Controlling Person

Address (City)

Controlling Person

Address (Country)

Controlling Person

Date of Birth

(DD/MM/YYYY)

Controlling Person

Country of Tax

Residence

Controlling Person

- US citizen (Y/N)

Controlling Person

Tax Number or

Reason Code

Controlling Person - Type

31/05/2018 00467 BIG Corp Angela Robert 110, Account Street Wellington NEW ZEALAND 01/07/1975 NEW ZEALAND N 123-543-924 Legal Person - Control by Ownership

31/05/2018 00467 BIG Corp Michael Robert 110, Account Street Wellington NEW ZEALAND 12/06/1979 UNITED STATES Y 923-34-3478 Legal Person - Senior Managing Official


Entering Tax Residency Information for IndividualsDate of self-certification Must be a date prior to TODAYS DATE and in DD/MM/YYYY format

Client's CFS Account Number Must be a 5 digit number e.g. 00866

Note: If the Client's CFS Account Number is less than 5-digit, please add '0' at the front of the Client's CFS Account Number to make it a 5-digit number. For example, if Client's CFS Account Number is 866 (3-digit), please add two '0' at the front of the Client's CFS Account Number to make it a 5-digit base number - i.e. 00866

Client’s First Name Must not be blank

Client’s Last Name Must not be blank

Address (Street) Must not be blank

Address (City) Must not be blank

Address (Country) Must be in the list of country descriptions provided

Date of Birth Must be a date in DD/MM/YYYY format

Country of Tax Residence Must be in the list of country descriptions provided

US Citizen Must be either "Y" or "N"

Tax Number or Reason Code Must be either a Tax ID Number (TIN) or reason code:A - The country does not issue tax numbersB - Unable to obtain a tax numberC - No tax number required for the country

Date of account closure OPTIONAL - If account is closed, must be a date in DD/MM/YYYY format, otherwise blank

Account Balance (at date of account closure)NZD

OPTIONAL - If account is closed, must be a numeric value, otherwise blank


Entering Tax Residency Information for Entities

Date of self-certification Must be a date prior to TODAYS DATE and in DD/MM/YYYY format



Entity Name Must not be blank

Entity Client's Address (Street) Must not be blank

Entity Address (City) Must not be blank

Entity Address (Country) Must be in the list of country descriptions provided

Entity Country of Tax Residence Must be in the list of country descriptions provided

Entity Tax Number or Reason Code Must be either a Tax ID Number (TIN) or reason code:A - The country does not issue tax numbersB - Unable to obtain a tax numberC - No tax number required for the country

Entity classification Must state either "Active NFE", "Passive NFE" or "Financial Institution"

GIIN Global Intermediary Identification Number

Date of account closure OPTIONAL - If account is closed, must be a date in DD/MM/YYYY format, otherwise blank

Account Balance (at date of account closure)NZD

OPTIONAL - If account is closed, must be a numeric value, otherwise blank


Entering Tax Residency Information for Controlling PersonsDate of self-certification Must be a date prior to TODAYS DATE and in DD/MM/YYYY format



Entity Name Must not be blank

Controlling Person First Name Must not be blank

Controlling Person Last Name Must not be blank

Controlling Person Address (Street) Must not be blank

Controlling Person Address (City) Must not be blank

Controlling Person Address (Country) Must be in the list of country descriptions provided

Controlling Person Date of Birth Must be a date in DD/MM/YYYY format

Controlling Person Country of Tax Residence Must be in the list of country descriptions provided

Controlling Person - US citizen Must be either "Y" or "N"

Controlling Person Tax Number or Reason Code Must be either a Tax ID Number (TIN) or reason code:A - The country does not issue tax numbersB - Unable to obtain a tax numberC - No tax number required for the country

Controlling Person Type Legal Person - Control by Ownership Legal Person - Control by Other Means Legal Person - Senior Managing Official Trust - Settlor Trust - Trustee Trust – ProtectorTrust - Beneficiary Trust - Other Natural Person having control Non-Trust - Settlor-Equivalent Non-Trust - Trustee-Equivalent Non-Trust - Protector-Equivalent Non-Trust - Beneficiary-Equivalent Non-Trust - Other Natural Person having control


File Naming Convention

Monthly submission for CFS accounts & Clients CRS Information

1. Please save the completed Excel template as [Name of CFS Trust Account Holder]_Clients CRS Info_[DDMMYYYY] e.g. Law Associates_Clients_CRS Info_31052018Note: The reference to ‘DDMMYYYY’ refers to the last business day of the month in which the spreadsheet is sent to BNZ

2. Please save the above in a 7-zip file as [Name of CFS Trust Account Holder]_Clients CRS Info_[DDMMYYYY]

Please collect and store the supporting documents in the following format. If required we may ask you to provide these for quality assurance purpose.1. Each client’s self-certification should be saved as [Client’s name]_[Client CFS Account Number] e.g.

John Higgs_00866

2. Each Controlling Person’s self-certification should be saved as [Entity Name]_CP_[Controlling Person’s Name] e.g. Donaghue Consulting_CP_Steve Bird

3. Supporting evidence for Excluded Account should be saved as [Client’s name]_Excluded

4. Evidence of Reasonableness Test cured should be saved as [Client’s name]_RT Cured


Email sending instructions

• To maintain the security of your clients’ information, please ensure that the information is sent as a 7-zip file and is password encrypted with the required password.

• The password is CFS-CRSFATCA

• For instructions on how to install ‘7-zip’ on your machine and create a 7-zip file, please refer to the instructions on the following page.

• Mac Users can use the ‘Unarchiver’ app (available free from the Mac App Store) to unzip & zip the files.


Instructions for 7-zip file

Install ‘7-zip’ on your machine1. Download via browser the following link:

http://www.7-zip.org/a/7z1604-x64.exe

2. Save download in the ‘Downloads’ directory folder onto your machine.

3. Open ‘Downloads’ directory.

4. Find 7z1604-x64.exe and run it.

Creating a 7-zip fileFor example, a 7-zip file for self-certifications of new CFS accounts:

http://www.7-zip.org/a/7z1604-x64.exe


Instructions for 7-zip file (contd..)

1. Hold <Ctrl> button and select the file that would be included in the 7-zip file

2. Right click the mouse and select <7-zip> <Add to archive…> .



3. The following screen should appear.

4. Under the ‘Encryption’ section, please enter a password for the 7-zip file in the above fields.5. Please tick the ‘Encrypt file names’ box and click <OK>.



6. The 7-zip folder will appear in the directory as follows.

7. To open the 7-zip file, right click the mouse and select <7-zip> <Open archive>.



8. The following screen would appear.

9. Please enter the appropriate password and click <OK>The zip folder would display the files in the 7-zip file & you should be able to open any of the files listed in the zip folder:

clients tax residency · monthly submission for cfs accounts & clients crs information 1....

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