Be honest. Do you skip to the next story the moment the business pages start droning on about the IRD’s compliance focus? The thing is, once you know how to decode those words you won’t be so quick to ignore them. Why? Because ‘compliance-focus’ is simply code for who the IRD’s chasing. So who are they hunting and what new tactics are they pulling out? Read on to find out.
Continue reading IRD tricks and traps
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. Continue reading IRD audits on the rise
Some say that when it comes to exposing information about you the Inland Revenue’s arsenal of powers almost exceeds that of Supermans. If you’ve ever read the fine print on your Tax Return you’ll already know that they can share information with other Government agencies, both here and overseas, including, Accident Compensation, Work & Income, Statistics NZ and even the Reserve Bank. On top of that they can also: Continue reading Can the IRD see my bank account?
Stop looking! You don’t actually need to know the Inland Revenue’s bank account number. Your Internet banking should already be setup so you can easily make tax payments to the IRD. Every bank is different but generally there is a separate section for making Tax Payments: Continue reading Inland Revenue’s bank account number
With the government currently pumping cash into IRD audits it’s what we call AUDIT SEASON so here’s some things you can start doing right now to help you breeze through an IRD audit if you’re ever unlucky enough to be targeted (and if you happen to be wondering why you were targeted then check out our Idiots Guide to getting an audit):
- Never ever throw away your bills or invoices and better yet store them in your xero accounting software. It’s free off-site storage which we absolutely adore. If that’s too ‘techy’ for you then keep them in a dusty old box somewhere safe for at least 7 years because that’s how long the IRD’s got to get you!
- Don’t even bother trying to claim personal things like Continue reading Ten Tricks for breezing through an IRD audit
With Halloween still fresh in our minds we thought you’d enjoy some accounting horror stories about the dangers of giving the Inland Revenue your bank account number. Diligently printing your bank account number in that harmless little box on the IRD form can be exciting when you’re hoping it’ll speed up getting your refund but it can also be absolutely terrifying if the IRD accidentally withdraws money out of your account as we’ve seen in a couple of scary incidents that we’ll share with you. Continue reading Danger! The IRD & your bank account number
If you’re a bit of an adrenaline junky and looking for a new business thrill then try an IRD audit. Some Inland Revenue audits even come with surprise raids of your home and may involve taking photographic evidence of your knicker drawer as Dragons’ Den star Paul Webb recently found out. So if for some reason you’re a bit of an idiot and really keen to hit the IRD’s radar then here’s a few things that’ll help you succeed on your mission:
File your returns late or don’t even bother filing them at all.
Don’t pay your PAYE. This is a goody because it makes you look like a real criminal stealing from your staff.