tax audit insurance

Tax Audit Insurance

Renewal notices have been sent ..

and some of you have already locked it in. Some of you maybe still undecided so we thought that we would outline what we are seeing.

With the IRD’s new system, the number of enquires has certainly increased even in the post COVID lockdown world. These range from general enquires to IRD reviews, which is the pre-cursor to an audit and are mainly with GST up until now.
Then there are the targeted property transactions coming to the fore to the point where, prior to Christmas, we received a list of clients that the IRD have logged as buying and selling a property within the brightline time frames (more on Brightline to come).
The IRD are now receiving a lot of data, from NZ and overseas sources, that the computer system analyses and matches to give a better tax picture for the IRD.

Even if you are doing everything right, you may not be immune to being reviewed or audited.

Like any insurance, its about risk and what you want covered. So if you would like us to manage the process for you, then we would recommend that you take up the tax audit insurance policy.