If you’ve just read the article about the construction sector being scrutinised, you’ll know being audited by the IRD is a real possibility. Anyone can be selected for an audit by the Commissioner. Audits are time consuming and expensive too. A way to manage this risk and associated cost is through Audit Shield Insurance. You can protect yourself, your business and gain peace of mind through our tax audit insurance.
Audit Shield offers cost-effective coverage to help you manage the potential expenses arising from random audits, investigations, or reviews by the Inland Revenue or other New Zealand government revenue authorities. It covers the cost of professional fees associated with an audit but not payments or taxes that arise from an audit.
While we strongly recommend Audit Shield to our clients, we understand that each business has unique needs. Deciding whether to purchase Audit Shield insurance depends on your personal and business circumstances as well as your risk tolerance.
Audit Shield covers a wide range of audits and reviews, including:
As far as insurances go, audit insurance isn’t that expensive. If you're unsure whether Audit Shield is the right choice for you and your business or if you want to get a quote, contact us.
With the end of the financial year finally here, it’s crucial to organise your financial records correctly before forwarding your information to us. The benefits to doing this early are numerous. First, your tax position will be established early in the financial year, providing you with the much-needed time to plan your business affairs. Secondly, on the basis […]
Free Money & Key Dates As the new Financial Year is well and truly underway, we thought it a good time to remind you of some of the financial benefits available and ensure you're aware of a few key dates ahead. Do you still have outstanding tax payments due for 2022? We are able to use a […]
As you may be aware, on 30 March 2022 a new set of rules around GST tax invoices came into effect. The purpose of this was to simplify GST record keeping. This meant tax invoices no longer remained an absolute necessity when submitting expense claims, with the exception of sellers. It also removed the requirement […]
Just a reminder, if you applied for the Small Business Cashflow Loan (SBCS) in mid 2020, the two year interest-free period will be coming to an end. You should have received a letter from IRD, via MyIR, with instructions on how to repay this. If you have already repaid your SBCS loan in full, you […]
Small Business Cashflow Scheme Recently we have had correspondence from the IRD regarding changes to the Small Business Cashflow Scheme (SBCS). This loan is still available to all businesses that require assistance, including those who have not applied previously. The amount that can be borrowed is now up to $20,000, plus $1,800 per full-time equivalent […]
On Monday the Government has announced further support to businesses impacted by the Red Light Restrictions. COVID Support Payment (CSP) Businesses or organisations who experience at least a 40% drop in revenue or capital-raising ability over a 7-day period are able to apply. Businesses will need to show a 40% or more drop in revenue […]