28/01/2022

Audit Shield takes the sting out of tax audit fees.

Business owners, landlords, investors and other taxpayers are at risk of an Inland Revenue audit at any time.

If you’re unlucky to be selected for an audit, investigation or review of your returns, we support you through the process and help you answer Inland Revenue’s questions. As a result, you could be caught off-guard with unforeseen accounting and other fees depending on the length of time involved.

Like many things in life there’s insurance for this. It’s called Audit Shield and and we offer it exclusively to our clients. It covers the cost of accounting, legal and specialist fees up to prescribed limits.

We’ve noticed an increase in Inland Revenue audit activity, including:

  • Requests for invoices for repairs and maintenance on rental properties
  • Auditing GST refunds
  • Verifying the information in the financial statement summary (IR10) in the income tax return
  • Querying portfolio management fees claimed on investment income
  • Verifying dividend withholding tax and imputation credits claimed on NZ dividend income
  • Verifying withholding tax claimed on overseas dividend income
  • Notifying clients of evidence of overseas earnings and asking them if they have anything to disclose (voluntary disclosure).
  • Auditing donation claims

If this happens to you, the beauty of being part of our Audit Shield Master Policy is that Audit Shield pays your accounting, legal and specialist fees for you.

Audit Shield policy also provides retrospective cover, so previously filed returns are covered automatically.

To get protected or to find out more, give me a call on 09-368 4712 or email ray@raymondkhouri.co.nz.

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