New Zealand’s Inland Revenue has outlined changes to Common Reporting Standard (CRS) reporting, with the updated XML schema becoming mandatory from 1 January 2027 and filing options unavailable during a system upgrade.
New Zealand’s Inland Revenue has announced changes affecting all Reporting New Zealand Financial Institutions (Reporting NZFIs) under the Common Reporting Standard (CRS).
The OECD has published the third version of the CRS XML schema, which must be used for all CRS information exchanges from 1 January 2027. The updated schema supports reporting changes introduced by the amended CRS.
Reporting NZFIs may need to report additional products and accounts, collect more information and provide new mandatory data elements. New validation requirements may also identify data quality issues that must be corrected before submission.
Filing deadlines and system outage
The final date for submitting reports using the current schema is 30 November 2026. From 1 December 2026 to 4 January 2027, all CRS filing options in Inland Revenue’s myIR portal will be unavailable while systems are updated.
Filing options will resume on 5 January 2027 using schema 3.0. Early filing for the 2027 reporting year will also become available again on that date.
Changes to filing methods
The changes to myIR will depend on the reporting method used:
- Online form: New fields will be added.
- Excel upload: An updated template will be available.
- XML upload: Only schema 3.0 will be accepted after the cutover.
An XML file validation service is available to help XML filers test their reporting files against the new schema and validation requirements before submission.
Corrections for earlier reporting periods
Following the cutover, all submissions must use the new schema, including corrections and additional information relating to earlier periods, including those ending on or before 31 March 2026 that were originally reported using older schemas.
Reporting NZFIs may use transitional code values to populate the new fields when submitting information for these earlier periods.
