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Clubs and Societies

Finance

Finance

Club Bank Accounts

 

How to open up a Club bank account 

  • Have a minimum of 2 authorised signatories (more than one person who can sign or access the clubs/societies bank account).
  • Choose a bank to go with (we recommend ANZ). The process is easier if you select a bank, one of your signatories personally banks with.
  • Book an appointment.

What to take along to your meeting 

  • Your clubs letter of affiliation from your Clubs Development Officer.
  • Your IGM minutes with your signatories documented in the minutes.
  • The New Club Signatories Form filled out and your signatories. If your signatories bank with your clubs new bank, then all they will need to take is their ID (Drivers Licence or Passport), and their eftpos card. If your signatories do not bank with your clubs new bank, eg. the clubs bank is ANZ, but your signatory banks with westpac, then they will need to bring their ID (Drivers Licence or Passport) and a proof of address, this could be a bank statement, or utilities invoice.

IRD Number 

If you are going to open a clubs bank account, you may need an IRD Number.  to do this fill in the IR596 online application through IRD. 

 

Are you an Existing Club wanting to change signatories?

  • Make an appointment with your bank.
  • Take your most recent AGM minutes with your signatories documented in the minutes.
  • The Change of Signatories Form filled out and signatories. If your signatories bank with your clubs new bank, then all they will need to take is their ID (Drivers Licence or Passport), and their eftpos card. If your signatories do not bank with your clubs new bank, eg. the clubs bank is ANZ, but your signatory banks with westpac, then they will need to bring their ID (Drivers Licence or Passport) and a proof of address, this could be a bank statement, or utilities invoice.

Tax

Clubs and Societies that take in any income are subject to tax obligations through IRD. What you pay will depend on your legal status and how much money you turn over. Many of our clubs are granted exemption based on the small amount of money they turn over. However, that all need to be supported with good paperwork. Click here for our Clubs and Societies return guide. NB: Dunedin Community Accounting have been very helpful when it comes to clubs filing their tax returns. 

Has your bank hit you with a form called TAX RESIDENCY AND FOREGIN TAX INFORMATION?

In New Zealand, Financial institutions are required to identify and report customers that are tax residents in foreign to jurisdictions to New Zealand Inland Revenue Department (NZ IRD). This information will be shared with the relevant competent Tax Authority of each country with which New Zealand has an agreement. What your bank is asking you for, is your club's primary nature of business, the club's customer number, the type of entity, and for your signatories to declare their country of tax residence. If you get confused we can put you in touch with Dunedin Community Accounting to fill out the form.

 

Non-profit Organisations

All Clubs on campus must be non-profit groups. A non-profit organisation is any society, association or organisation that:

  • Is not carried on for the profit or gain of any member, and
  • Has rules that do not allow money, property or any other benefits to be distributed to any of its members.
  • Information from IRD