IRD and the Construction Industry

It seems the IRD is putting the spotlight on you and are getting tough on undeclared cash in your sector.

They have recently run an advertising campaign saying as much and they have notified us of a new initiative they are starting soon.

The IRD may contact you directly, and they say they will keep us up to date if they do, and they will also be working with us to make sure all income is declared and expenses are being claimed correctly.

 As your tax agent, we have an important role in ensuring you are getting it right and you can help by:

• Making sure your record keeping is up to date and ensuring you are recording every job.
• Declaring any cash jobs to us when we request your financial records for annual accounts.

We are obligated to let you know there are consequences of not declaring income, these can include tax penalties, criminal convictions or your ability to contract for work.

The IRD are getting tougher and are wanting to find people who are not declaring all their income.

If you have any questions or concerns about the above please get in touch today – 03 578 3386, or email askme@tva.co.nz we are here to help.