GRA Blogs

Articles by Anthony Strevens

Anthony Strevens

What are all these bank forms? - Global Tax Evasion


You will likely have recently been sent a bunch of forms to fill in from your bank or other financial institution asking you to define yourself or your entities by choosing between various unintelligible categories. Once you’ve chosen a category by throwing a dart at the form you’re then asked to advise whether or not you are tax resident in any other country. Simple right? 

If you feel a little confused and unsure what to do, don’t panic. We’re all in the same basket.

This has come about due to the fact that New Zealand has signed up to the “Automatic Exchange of Information” (AEOI).  This is an international initiative between over 100 countries attempting to combat global tax evasion. So as a first point, if you’re not evading tax with a global financial structure then you probably don’t need to worry. 

Basically, the form is just funnelling most of us into categories and recording who the players are (e.g. trustees, shareholders, directors etc.) Then once we’re defined, they want to know if we’re tax resident in other countries. Because every other country subject to AEOI is enforcing the same compliance program, they can then cross reference these answers and investigate persons of interest.

Most of us are unlikely to be persons of interest. However, it is important to fill in the forms and return them, as the banks will likely hunt you down like a millennial with a lost cell phone if you don’t send their forms back. 

If you’re unsure about how to fill the form in, just get in touch with your Client Services Manager here at GRA for assistance (most forms require about three ticks and a signature so it’s pretty painless). If you are unsure about your residency status, you should also get in touch with us. Finally, if you’re running a global tax evasion syndicate through various offshore entities then you should probably contact your Cayman Islands tax adviser for advice!


Anthony Strevens
Business Advisory Director
© Gilligan Rowe & Associates LP

Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.

Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
Testimonials
I would just like to reiterate how much I got out of property school 101, not just about property but planning and making informed decisions on money matters. I found you very inspiring and enjoyed the energy in which you presented with. I am definitely at a point now where I just want to start making things happen – the right way! Kindest Regards - André
logo

Seminars and workshops for property investors, business owners and anyone seeking to create and protect their wealth.

View all our upcoming events
Learn More
Investing in residential property?

Put this at the top of your reading list.

If you're investing in residential property, seeking to maximise your ability to succeed and minimise risk, then this is a 'must read'.

Matthew Gilligan provides a fresh look at residential property investment from an experienced investor’s viewpoint. Written in easy to understand language and including many case studies, Matthew explains the ins and outs of successful property investment.

  • How to find the right property
  • How to negotiate successfully.
  • Renovation do's & don'ts.
  • Property management.
  • Case studies and examples.
  • and much, much more..
TOP