What are tax and government audits and reviews?
Audits, enquiries, investigations and reviews are conducted by Inland Revenue (IR) and other government agencies to ensure business and tax payer compliance with various tax and legislative requirements such as Income Tax, PAYE, GST, FBT, Record Keeping, KIWI Saver, Employer Returns, and Computer Tax Audits, amongst others.
How likely am I to get an audit, enquiry, investigation or review?
IR, along with other government agencies, continue to announce significant increases in their audit activity. Now more than ever businesses are at risk of being selected for an audit, enquiry, investigation or review.
What are the costs to businesses and tax payers in the event of audit activity?
If your business or individual return is subjected to an audit, enquiry, investigation or review, you are responsible for the costs (professional fees) involved in providing the required information. Even the simplest enquiry can require hours of work. In multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.
How can I protect myself from the costs incurred by audits, enquiries, investigations and reviews?
We can offer you participation in our Audit Shield Master Policy which can provide you with comprehensive relief from these costs (fees). The Audit Shield Master Policy provides for the payment of the professional fees incurred as a result of you being selected for an audit, enquiry, investigation or review by IR or another government body. The Audit Shield Master Policy premium provides a fixed, cost effective solution to guard against these unbudgeted costs.
What costs are covered?
The service covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you in an audit, enquiry, investigation or review. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. specialist accountants, lawyers etc).
Who is covered?
All of our clients can take advantage of our Audit Shield Master Policy. Different levels of cover are available for:
• salary and wage earners;
• businesses or business groups
What do I need to do to take up the Audit Shield Service?
Please contact our office and we will send you an information pack which will include an acceptance form/invoice.