IRD tricks and traps

blue pink greenBe 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.

 

 

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IRD audits on the rise

18917885_sYou’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

Ten Tricks for breezing through an IRD audit

A+ on your IRD auditWith 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):

  1. 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!
  2. Don’t even bother trying to claim personal things like Continue reading Ten Tricks for breezing through an IRD audit