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, and the COVID excuse not flying with the IRD anymore, in the last 2 months we have had more IRD issued notices for reviews.

The 2 areas are:

1. GST – GST reviews are now more common straight off the bat as opposed to fielding a phone call first, having a discussion and the matter is finished. A letter seems to be automatically issued now by the IRD outlining information required and a date that it must be received by them.
2. Property – we have had 3 in the last month enquiring into rental properties and holiday homes asking for details regarding interest claim and personal use adjustments.

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

By having tax audit insurance, it means in the event of an IRD review or audit and we look after it for you, the insurance company pays our fee.

So like any insurance, it’s about risk and what you want covered. So, in the event of an IRD review or audit and you would like us to manage the process for you, then we would recommend that you take up the tax audit insurance policy.