News 30th December 2017 JBWere is committed to providing clients with access to international markets as part of a diversified portfolio management service. Part of this commitment is ensuring that JBWere clients can access international markets in the most efficient manner possible. From 01 January 2018, JBWere Nominees will operate as a QI (Qualified Intermediary). QI is a status registered with the United States Internal Revenue Service which allows JBWere to maintain its own records of the foreign status of clients who receive U.S. sourced income, and undertake responsibility for income reporting and tax withholding. What this means for JBWere custodial clients, subject to meeting certain criteria, is that they can take advantage of NZ’s Double Taxation Treaty with the U.S. and be subject to 15% withholding on dividend income rather than the default 30%.From 01 January JBWere’s NZ/AU resident Individual and Joint clients who are AML compliant and have completed FATCA or CRS documentation have automatically been moved to 15% withholding on US dividend income. All other clients who might benefit from a lower rate of withholding for US income will be contacted by their adviser in the new year to confirm what additional documentation will be required to take advantage of this new status. For clients that JBWere has previously confirmed as receiving 15% withholding, your status will not change.If you have any queries, please don’t hesitate to contact your JBWere adviser.