Are you protected against an audit?

Posted by: Sara Fenwick
Date: 19 December 2016

IRD are escalating their investigations on under claimed income.  Their investigations can also include a number of other forms of tax for example; Income Tax, PAYE, GST, FBT, RWT and many more. 

If you've ever thought 'this will never happen to me, I have nothing to worry about because my accountant files my tax returns'… well then think again because yes these audits really do happen and they can be costly!  

Should IRD want to audit your business they may call on professionals such as your accountant or solicitors to help provide information on past lodged returns.  This time spent assisting IRD by your tax or law professional doesn't have a time frame or budgeted figure in mind. 

This could mean large unforeseen bills from your tax or law professional for time spent providing and assisting IRD with information, records, phone calls or meetings etc.  These audits are always totally unprepared for and can be terribly stressful when you have no control over the outcome or time spent on an audit investigation.

We can help take the stress out of this with Audit Insurance.  This product covers professional fees incurred as a result of an audit, enquiry, investigation or view undertaken by IRD or other New Zealand government authorities.  There are other added benefits to this product too, there is no excess when a claim is made and is tax deductible.

Want to know more or talk about your options to protect yourself and your business?  Please give us a call 03 578 3386 or email us - we can help.

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