You’d be hard pressed finding someone who enjoys an IRD audit but with the risks some people take you’ve got to wonder! One of the riskiest things we see, is business people thinking they (or someone they love) has the knowledge, skill and experience needed to calculate their GST Returns correctly. Very rarely do we find someone getting it right and some accountants are even taking early retirement because the tax laws are now too complex, even for them.
So what happens if you get it wrong? Nothing if you manage to escape an audit and thankfully your risk of being audited is greatly reduced by having a reputable chartered accountant (like us) on your side, especially if we file your GST returns. However, other accountants haven’t been so lucky lately and they’ve been kind enough to share what their clients are facing during IRD audits:
- being raided without warning
- having children’s bedrooms searched
- losing computers and valuable documents when the IRD seizes them
- dealing with upset staff as the IRD attempts to restrict their access to work
- paying overdue tax and penalties for fully claiming assets costing more than $500
- being denied deductions for valid business bills because the invoices are in the wrong name
- having relatives passports seized (that’ll make you popular with the Mother-in-Law)
If you’d like us to take the worry away email or phone one of our friendly team at Boutique Financial chartered accountants.
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