Tax information

Find out if you need to provide tax information with your application for consent and what use is made of this data.

Providing tax information

If you are applying for consent to invest in a significant business asset, it is a legal requirement that you provide tax information. This information will be passed directly to Inland Revenue.

Tax information is needed for any application that involves investment in significant business assets. This could be an application for significant business assets on their own, or an investment in significant business assets along with sensitive land or fishing quota.

Why tax information is required

The tax information you provide will be used by Inland Revenue to carry out their monitoring of large-scale investments and overseas investors. We will not view or use the information in any of our own assessment or compliance processes.

How tax information is managed

During the online application process, you will upload the required information through our secure web submission platform. We will transfer the information directly to Inland Revenue using an encrypted system and will not use it in our assessment. Inland Revenue will check this information for completeness. Note that we will not start to assess your application until we receive this confirmation.

We have designed our processes with Inland Revenue to ensure the security of your confidential tax information, and compliance with the Privacy Act 2020.

Information you need to provide

Inland Revenue’s ‘Required Tax Information Form’ will ask you to provide the following tax information with your application for consent:

  • The tax residence of:
    • all parties who are seeking consent
    • your holding company and any ultimate holding company, if relevant.
  • A short description of your plan for the significant business asset over the 3-year period that starts when the investment will be given effect, including details of any planned significant capital expenditure.
  • The likely level of:
    • equity funding for the investment
    • debt funding for the investment.
  • Whether the investment is likely to involve the use of a hybrid arrangement or entity covered by subpart FH of the Income Tax Act 2007.

Income Tax Act 2007, Subpart FH

  • The likely nature and extent of any arrangements likely to be covered by the rules relating to transfer pricing arrangements in sections GC 6 to GC 14 of the Income Tax Act 2007, including:
    • a supply by a New Zealand tax resident to a non-New Zealand tax resident
    • an acquisition by a New Zealand tax resident from a non-New Zealand tax resident.

Income Tax Act 2007, sGC 6

  • Any relevant double tax agreements.
  • Whether an application is likely to be made to the Commissioner of Inland Revenue for a ruling or advance pricing agreement in respect of any aspect of the investment.

False or misleading information

The information you provide must be accurate at the time you provide it. If you provide false or misleading tax information with your application, you may be liable for an offence under the Overseas Investment Act 2005. Inland Revenue is responsible for enforcing this.

Overseas Investment Act, s46(1)(c)

Legislation

The Overseas Investment Act 2005 requires overseas persons to provide tax information to Inland Revenue with their applications for consent to invest in significant business assets. The Overseas Investment Regulations set out the specific information that must be provided.