GUIDE TO:
CRS Account information

Who is an Account Holder?

  • This is special language used for CRS/FATCA purposes.  It is not a "bank account holder", or someone in the accounts of the Trust or NZFI. 

  • An account holder can be:

    • Trustee​

    • Beneficiary (who has received a distribution in the past or will receive a distribution in the current income year)

    • Settlor

    • Persons with power of appointment

    • Persons with control

    • Director

    • Shareholder

    • Partner in a partnership

Account Number

  • Obviously there is no account number when dealing with account-holders of a Trust, Partnership or Company, however it is a required field in the MyIR CRS disclosure. If you have an identifying client number, you can use this number here, otherwise consider using the chart of account number for the shareholder/beneficiary/partner's current account.

Account Balance

  • Trusts (IR1087-2017 FATCA Trusts Guidance Notes): 

    • Discretionary beneficiary: their account balance could be determined as being the amount reported to them as being the aggregate value of all discretionary distributions that they have received (directly or indirectly) from the trust in the relevant reporting period.​

    • Settlor: The account balance a settlor's equity interest will be a question of fact. For example, a settlor may sometimes hold an interest in the whole of the trust (as opposed to being excluded from the trust). In such circumstances, the balance or value of the settlor's equity interest could be determined based on the total value of the assets of the trust and the value that is used for reporting to them.

    • Controlling Persons (such as trustees or persons with power to appoint): The account balance would be zero.

Account Payments

  • Add any payments associated with account (dividends, gross proceeds/redemptions, interest or other). If there is more than one payment, you can add these by selecting ‘Add another payment’. If there are no payments associated with the account, check the ‘This account has no payments’ box