Review your tax before Inland Revenue unexpectedly knocks
By Matt Rama, TMNZ Chief Commercial Officer, Tax Lawyer and Chartered Accountant.
Inland Revenue is intensifying its focus on tax compliance, after a few years of leniency to account for the impact of COVID on businesses.
With an extra million in funding, Inland Revenue is stepping up its focus on compliance and auditing tax paying businesses to make sure everyone is “Getting it Right" and is up to date on their tax obligations. Inland Revenue expects to recover around $800 million in unpaid tax over the next four years.
Recent media reports that Inland Revenue inspectors are making unannounced visits to businesses to review payroll and GST records are also correct. While the so-called hidden cash economy is a target, all businesses need to pay heed to the crackdown on compliance and the technical application of tax rules and regulations. The importance of voluntary disclosure
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