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Tax Audits

8 common ways to trigger an IRD audit

September 30, 2021

There are many things to avoid in business, and one of the most unpleasant is triggering an IRD audit. Here’s how it commonly happens. Having been involved in many tax investigations (on behalf of clients of course), I can confirm they are not very pleasant and can result ...

5 more small business GST mistakes to avoid

July 27, 2021

Many small business owners are rightly concerned about making errors with Goods and Services Tax (GST), so here are some of the more common and costly to avoid. As I wrote in my last piece on this topic, if you expect your business to bring in revenue of over $60,000 ov...

5 common mistakes small businesses make with GST

June 18, 2021

The Goods and Services Tax (GST) is a tricky tax to come to grips with for those who don’t deal with it on a day-to-day basis, so here are a few items to make certain you get right. As a financial advisor and accountant, there are a few errors I see frequently made by busi...

Free Money - Come & Get it - If You Can! Research & Development Tax Credits

July 23, 2020

I’m bound to upset someone with this picture - pale, stale and male - but such is life! Is it only old white boffin-like old guys that carry out research and development these days? No, most certainly not, there’s more around than you might think, and the New Zeala...

10 Things to Do Before the Tax Year End

January 13, 2020

What should we be doing as business owners before our Balance Dates or tax year-end, depending on what type of business we are in? There's no point in paying any more tax than necessary. If you have trading stock (unless it’s clearly not going to exceed...

The Joy of Tax in New Zealand

November 4, 2019

Did you know that the amount you can earn in Australia before you pay tax is now $18,200? Yes, an amazing $18,200 - that’s $350 per week, $700 a fortnight or $1,517 a month. Yes, the rates for higher levels of income may be more, but that's pretty damn good for the lo...

How to avoid a painful tax audit

March 4, 2019

Even the NZX can be caught out by a tax audit. The sharemarket business paid $1.2 million extra tax after the Inland Revenue Department checked its books. For the average small business owner, the thought of a visit from tax inspectors is enough to make them shiver. We asked...

How to avoid an IRD audit

October 9, 2018

Whilst statistically speaking the chances of being selected for an audit are slim, it nevertheless features way up the rankings as being one of life’s most stressful and unpleasant experiences, and as such, like all nasty things in life, best avoided at all costs!The...

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