For children 13 years and over this information must be provided by a parent or guardian if they open the account for them.For children 12 years and under this information must always be provided by a parent or guardian.You'll also need to provide proof of your relationship to them, as well as your photo ID. If you're a parent or guardian, you'll need to provide this information on behalf of your child. You'll need to provide your own overseas tax residency information to Unity, unless you're a child or have a Power of Attorney (POA).
We will also ask you questions to ensure we have the correct personal details, such as your contact information.įurther details of TINS can be found on the OECD Website. Customers need to provide both the tax residency details and their ‘TIN’.Ī TIN is a unique combination of letters and/or numbers assigned by a country to an individual or an entity and used to identify the individual or entity for the purposes of administering the tax laws of that country. Unity’s obligations cover all our customers, including entities such as trusts, registered incorporated societies. To meet our obligations we now ask for foreign tax information when an account is first opened with us, or if you’re already a customer, we may also contact you if we think you could be a foreign tax resident. Inland Revenue may then share this information with the relevant tax authority, if an agreement is held with that country. Unity Credit Union, along with other financial institutions, are now required to identify, collect and report information about customers’ foreign tax residency to New Zealand Inland Revenue. The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) enable the exchange of customers’ foreign tax residency information between countries and are intended to help combat global tax evasion. International tax compliance regulations have been introduced to protect the integrity of tax systems around the world.
New Zealand has committed to the OECD Automatic Exchange of Information (AEOI).
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