IRD likely to catch up with those not declaring FIF income

New Zealand adopted the Common Reporting Standard (CRS) in 2018 and now receives huge amount of data from other jurisdictions globally, says Terry Baucher of Baucher Consulting.

“There's an enormous amount of information being shared around the globe. The likelihood is there's going to be significant numbers of disclosures happening,” Baucher says.

Information the IRD released under an Official Information Act request showed there were only 18,140 people who declared FIF income in the year ended March 2023 and a provisional estimate of 10,200 in the year ended March 2024.

“I was really quite astonished” at how low the numbers were, Baucher told GoodReturns, and it appears compliance with the FIF regime is very low.