Business owners, landlords and investors are at risk of an Inland Revenue audit at any time.
If you’re unlucky to be selected for an audit, investigation or review of your returns, you may need help to answer IR’s questions and support you through the process. As a result, you could be caught off-guard with unforeseen accounting fees depending on the length of time involved.
Like most things in life there’s an insurance for this and we offer it exclusively to our clients. It’s called Audit Shield and covers the cost of accounting fees and legal and specialist fees, up to a prescribed limit.
We’ve noticed an increase in Inland Revenue audit activity recently, including:
- Requests for invoices for repairs and maintenance on rental properties
- Verifying the information in the financial statement summary (IR10) in the income tax return
- Querying portfolio management fees claimed on investment income
- Verifying dividend withholding tax and imputation credits claimed on NZ dividend income
- Verifying withholding tax claimed on overseas dividend income
- Notifying clients of evidence of overseas earnings and asking them if they have anything to disclose (voluntary disclosure).
Should this happen to you, then the beauty of being part of our Audit Shield Master Policy is that Audit Shield pays your accounting fees for you.
The policy also provides retrospective cover, so previously filed returns are covered automatically.
To get protected or to find out more, give me a call on 09-368 4712 or email email@example.com.