Offshore persons’ bank accounts and tax file numbers

Heading: inserted, on 1 October 2015, by section 5 of the Tax Administration Amendment Act 2015 (2015 No 83).

24BA Offshore persons’ bank accounts and tax file numbers

(1)

The Commissioner must not allocate a tax file number in response to an offshore person’s request unless the Commissioner first receives a current bank account number for the offshore person.

(1B)

Subsection (1) does not apply to a person who requires a tax file number only because—

(a)

they are a non-resident supplier of goods and services under the Goods and Services Tax Act 1985:

(b)

they are applying to be registered, or are registered, in accordance with section 54B of the Goods and Services Tax Act 1985.

(1C)

Subsection (1) does not apply to a person for whom a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 has conducted the customer due diligence procedures required for customer due diligence under that Act and regulations made under that Act.

(1D)

Despite subsection (1) and section 24B(3), a non-resident seasonal worker under the recognised seasonal employer (RSE) instructions has a tax code of NSW for the first month of a period of employment in New Zealand.

(2)

A person to whom subsection (1) applies must give their current bank account number to the Commissioner immediately if—

(a)

the person has a tax file number; and

(b)

the person becomes, after 1 October 2015, an offshore person under paragraph (b) of the definition of offshore person; and

(c)

the person has not yet provided their current bank account number to the Commissioner.

Section 24BA: inserted, on 1 October 2015, by section 5 of the Tax Administration Amendment Act 2015 (2015 No 83).

Section 24BA(1B): replaced (with effect on 14 May 2016), on 30 March 2017, by section 303 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section 24BA(1C): inserted, on 14 May 2016, by section 79(1) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).

Section 24BA(1D): inserted, on 14 May 2016, by section 79(1) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).

Section 24BA(2): amended, on 14 May 2016, by section 79(2) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).