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Idiots Guide to getting an IRD audit

October 14th, 2011 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountant Auckland | Claiming business expenses Meals Food and Drink | Dealing with the IRD | Fringe Benefit Tax | Motor Vehicle Fringe Benefit Tax - (13 Comments)

IRD auditIf 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:

  1. File your returns late or don’t even bother filing them at all.
  2. Don’t pay your PAYE. This is a goody because it makes you look like a real criminal stealing from your staff.
  3. Be nasty to anyone you’ve done ‘cashies‘ with so they’ll dob you in. (more…)

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Should I buy the car in my company?

October 12th, 2011 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountant Auckland | Fringe Benefit Tax | Motor Vehicle Fringe Benefit Tax - (Comments Off on Should I buy the car in my company?)

Buying a car in your companySorry but there’s no one-size-fits-all answer so it’s crucial you get a highly experienced accountant to run your numbers, before you sign on the dotted line.  A good accountant will take care of all the tricky calculations, to maximise your tax deductions, and they’ll stop you getting it wrong while you’re high on the thrill of finding the perfect car.

We’ve seen really smart people rush in and buy ridiculously expensive cars in their company and, even though they love getting that initial whopping big GST refund, things tend to turn sour when they’re stung with a $10,000 bill for Fringe Benefit Tax (especially if they only ever use the car to toddle back and forth down Remuera Road to work each day).

However, as a general rule of thumb and a very rough one at that, it’s often a good idea to buy your car in (more…)

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