AEOI Self-Certification Form for an
Individual/Controlling Person
Kiwibank Limited, Private Bag 39888, Wellington 5045
4. Summary Description of Selected Defined Terms
NOTE
These are selected key definitions provided to assist you with the completion of this form. Further details and other definitions can be found within the OECD
Common Reporting Standard for Automatic Exchange of Financial Account Information as applied in New Zealand (the New Zealand CRS Applied Standard).
This can be found on the Inland Revenue website at the following link: http://www.ird.govt.nz/international/exchange/crs/important-aeoi-crs-documents/
If you have any questions then please contact your tax adviser or Inland Revenue.
Account Holder - The term ‘Account Holder’ means the person listed or identified as the holder of a Financial Account. A person, other than a Financial
Institution, holding a Financial Account for the benefit of another person as an agent, a custodian, a nominee, a signatory, an investment advisor, an
intermediary, or as a legal guardian, is not treated as the Account Holder. In these circumstances that other person is the Account Holder. For example in the
case of a parent/child relationship where the parent is acting as a legal guardian, the child is regarded as the Account Holder. With respect to a jointly held
account, each joint holder is treated as an Account Holder.
Controlling Person - The term ‘Controlling Person’ means the natural persons who exercise control over an Entity.
For companies, partnerships, associations, body corporate and any other legal persons, Controlling Person(s) means: (i) the natural person(s) who ultimately
has a controlling ownership interest (generally 25% or more) in the Entity; (ii) where no natural person(s) exercise control through ownership interest, the
natural person(s) who exercise control of the Entity through other means; (iii) where no natural person(s) is identified as exercising control of the Entity
through other means, the natural person(s) who are senior managing official(s) of the Entity.
For trusts, Controlling Persons means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other
natural person(s) exercising ultimate effective control over the trust (including through a chain of control or ownership). The settlor(s), trustee(s), protector(s)
(if any), beneficiary(ies) or class(es) of beneficiaries must always be treated as Controlling Persons of a trust, regardless of whether or not any of them
exercises control over the activities of the trust. However, a discretionary beneficiary (that does not otherwise control a trust) should only be treated as a
Controlling Person if they have received a distribution from the trust and a class beneficiary (that does not otherwise control a trust) should only be treated as
a Controlling Person if they have received a distribution from the trust or intends to exercise vested rights. The trust or trustee should inform Kiwibank if they
make a distribution to such a beneficiary or when a beneficiary intends to exercise rights.
Where a person connected to the trust (for example, the settlor, trustee, protector (if any), beneficiary(ies)) is an Entity then you must also identify who the
Controlling Persons of that connected Entity are. Kiwibank may be required to report them as Controlling Persons of the trust.
For legal arrangements similar to a trust, Controlling Persons means persons in equivalent or similar positions to persons connected to a trust.
Entity - The term ‘Entity’ means a legal person or a legal arrangement, such as a corporation, organisation, partnership, trust or foundation. This term covers
any person other than an individual (i.e. a natural person)
Tax resident/residence - Each country/jurisdiction has its own rules for defining tax residence, and jurisdictions have provided information on how to
determine whether a person is tax resident on the OECD http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency.
Generally, an individual will be resident for tax purposes in a jurisdiction if, under the local laws, he/she pays or should be paying tax therein by reason of his/
her domicile, residence or any other criterion of a similar nature, and not only from sources in that jurisdiction. Dual resident individuals may rely on the
tiebreaker rules contained in tax conventions (if applicable) to solve cases of double residence for determining their residence for tax purposes. For additional
information on tax residence, please talk to your tax adviser or see the OECD automatic exchange of information website.
TIN (including ‘functional equivalent’) - The term ‘TIN’ means Taxpayer Identification Number or a functional equivalent in the absence of a TIN. A TIN is a
unique combination of letters 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.
Further details of acceptable TINs can be found at the following link: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/
tax-identification-numbers/.
Some countries do not issue a TIN. However, these countries often utilise some other high integrity number with an equivalent level of identification (a
‘functional equivalent’). Examples of that type of number include, for individuals, a social security/insurance number, citizen/personal identification/service
code/number, and resident registration number.
FM3348
