Mistakes in tax returns happen—whether it's overstating claims, hiding income, or simple errors. What starts small can quickly grow into a bigger issue. Fortunately, the Inland Revenue Department (IRD) allows voluntary disclosures, helping reduce penalties and often avoiding prosecution. The key is … [Read more...] about Voluntary Tax Disclosures: Act Now to Reduce Penalties
ADVICE
IRD tax crackdown
IRD Steps Up Debt Collection – What It Means for You If you’ve ever felt overwhelmed by tax obligations, you’re not alone—and you might want to pay attention to what Inland Revenue (IRD) is up to. With an extra $29 million in funding from the latest Budget, IRD is aggressively ramping up efforts … [Read more...] about IRD tax crackdown
Crypto and me: Changes, impacts and how to stay compliant.
With more Kiwis putting money into crypto assets than ever before – and some making big returns – it's time to talk tax. After all, among the implications for your wins is interest from IRD. While most crypto investments are of the 'currency' type, the IRD's net includes any crypto assets, … [Read more...] about Crypto and me: Changes, impacts and how to stay compliant.
A thank you to our clients – Our stories
As 2022 ramps up, we thought it would be good to look back on some of our cases and the Kiwis we helped to stay in business in these uncertain times. In 2021 we managed 73 tax debt negotiations with IRD and over 120 other tax cases, including; audits, voluntary disclosures, tax prosecution … [Read more...] about A thank you to our clients – Our stories
‘Zombie businesses’ – Raising your company from the dead…
Court applications to liquidate failing businesses have picked up this year with the 453 filed to the end of October, already surpassing applications for the whole of last year.The figures are still well below the previous two years (852 in 2018 and 702 in 2019) and are nowhere near the levels seen … [Read more...] about ‘Zombie businesses’ – Raising your company from the dead…
Final stage of IRD transformation – what do you need to know?
The final phase of Inland Revenue’s Business Transformation programme will go live on 28 October. This includes improvements to myIR, as well as other changes for businesses and employers. Whilst some changes to the background processes will not require any alterations within your business, there … [Read more...] about Final stage of IRD transformation – what do you need to know?