Quick and standard refunds for debt securities and equities - New Zealand (CEU)

Eligibility of securities

New Zealand bonds under the Approved Issuer Levy (AIL) regime

Quick and standard refunds for New Zealand bonds under the AIL regime are is not available on a case – by – case and “best efforts” basis.

New Zealand bonds under the Non-Resident Withholding Tax (NRWT) regime

Quick and standard refunds for New Zealand bonds under the NRWT regime are available on a case-by-case and “best efforts” basis as no market practice is applicable.

New Zealand equities

Quick and standard refunds for New Zealand equities are available on a case-by-case and “best efforts” basis as no market practice is applicable.

Procedure for a quick refund

Clients wishing to submit via Clearstream Europe¹ a quick refund request for New Zealand bonds under the NRWT regime or the AIL regime or for New Zealand equities must submit the request via Swift or Xact Web Portal. 

• Breakdown of holdings with request for quick refund.

Upon receipt of the request, Clearstream Europe will investigate the following details with its local depository:

• Availability of quick refund for the particular event;
• Certification requirements for the particular beneficial owner.

Important note: Clearstream Europe cannot guarantee the acceptance of the reclaim or payment of the refund by the local depository and/or the tax authorities.

Procedure for a standard refund

Clients wishing to submit a standard refund request for New Zealand bonds under the NRWT regime or the AIL regime or for New Zealand equities via Clearstream Europe should send to Clearstream Europe:

• Letter of request to Clearstream Europe for reclaim of withholding tax on New Zealand Securities.

Upon receipt of the request, Clearstream Europe will investigate the following details with its local depository:

• Availability of standard refund for the particular event;
• Certification requirements for the particular beneficial owner.

Note: Quick and standard refunds are not available for New Zealand residents through Clearstream Europe. An overpaid withholding tax can be reclaimed through the investors filing of their income tax return at the end of the year. Clearstream Europe does not assist in this regard. Please consult your tax advisor for further information.

Important note: Clearstream Europe cannot guarantee the acceptance of the reclaim or payment of the refund by the local depository and/or the tax authorities.

Deadlines for receipt of documents

Documentation for a quick refund of withholding tax on income from New Zealand securities must be received by Clearstream Europe at the latest ten business days before the end of the financial year by 10:00 CET (NZ financial year is 1 April to 31 March).

The statutory deadline for reclaiming withholding tax using the standard refund procedure is four years after the end of the financial year (1 April to 31 March) in which the income payment was made. Documentation for a standard refund of withholding tax on income from New Zealand securities must be received by Clearstream Europe at the latest two months before the statutory deadline.

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1. Clearstream Europe refers to Clearstream Europe AG.