International Tax Information Sharing
With living, working and investing money in foreign countries becoming easier and more common, New Zealand committed to sharing information with G20 and OECD countries to combat tax evasion.
For most of us (the ones who aren’t international mobsters evading the tax department), it will be business as usual as the exchange of information is predominantly concerned with tax residency. However, there are situations where family trusts could be required to make disclosures.
If the answer is “Yes” to all the questions below, you should see your local BDO adviser to discuss your potential obligations:
- You are a Trustee of a Family Trust (a Trust where the beneficiary class is centred on a family group)
- The Trust derives more than half its income from “financial assets” such as shares and bonds
- The Trust is managed by a financial institution corporate trustee or a financial institution fund manager
- None of the Trustees are resident overseas and the Trust doesn’t already report to a foreign jurisdiction.