accountancy insuranceIRD Audit

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 they are generally GST up until now.
However over the last 18 months the government, using it’s majority position, have increased the data collection powers of the IRD to receive more data electronically into their “super” computer without having to provide notification of it happening.
So 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.