The latest Inland Revenue annual report highlights a significant lift in risk review activity, which potentially lead to full audit proceedings. This stepped-up enforcement resulted in an additional $1 billion of tax revenue for the Government — more than double the $460 million recorded in the previous year. The Government has also committed a further $34 million per year to bolster compliance efforts, and Inland Revenue is now drawing on expanded data sources to “better target interventions”, signalling a more proactive approach to identifying risk.
In this environment of heightened scrutiny, Cleaver Partners can help you stay protected and prepared. We can assist in arranging Audit Shield policies to cover the professional costs of responding to an IRD audit, or investigation. We can also assist with managing any unexpected tax liabilities that may arise, including access to TMNZ tax pooling solutions to ease cash-flow pressure. If you have concerns about audit risk or would like to discuss these options, please let us know.