It is that time of year when the renewal notices for the Tax Audit Insurance are being prepared to be sent out.
What we are now seeing is a lot more enquires from IRD in regards to specific information that they have obtained .. and they are obtaining a lot of information from a lot of sources both NZ and offshore!
They are also being industry specific so we have had enquires for construction/trade industry, hospitality and more recently a number dealing with property transactions – both purchases and sales and not just current ones either!
Even if you are doing everything right, you may not be immune to being reviewed or audited.
So if you would like us to manage the process for you, then we would recommend that you renew your tax audit insurance policy.