The annual tax audit insurance policy renewals are currently being mailed out – these are managed by our insurers and offer an insurance package to cover the costs of responding to any IRD reviews and audits.
We recommend this product as the likelihood of IRD initiating a review is increasing every year – it’s a matter of when, not if they will review client tax matters.
What is interesting is the feedback the insurers are providing to us about what IRD is looking at. The current IRD trends are:
- FBT is being targeted in Auckland and Hamilton – there are IRD Officers sitting outside schools and supermarkets taking note of company vehicles and checking if payments are being made for FBT.
- Community Compliance Officers from iRD are visiting clients directly to ‘assist’ them in meeting tax obligations. Sometimes frightening
We would urge you to call us if you have been contacted by IRD in any way, before you respond to the IRD queries (if you have audit shield cover in place, the cost of EPPL responding for you is already paid for!).
Should you have any questions please feel free to contact us on 09 636 3332
To find out more about Audit Shield – please have a look at their latest newsletter – Audit Shield_2017 Spring NZ Newsletter.