Gst, Payroll, Bizfitness
We have been advised that the IRD will be undertaking a compliance program of those that are in the “construction” industry. This is only the second time that we have received an alert prior to a compliance program starting .. the other one was for the “hospitality” industry which the IRD were very vigorous and proactive in auditing.
Their priority focus is on cash jobs however any review could span into other areas such as payroll compliance, GST and record keeping. You need to be aware that IRD are receiving information from a lot of sources now and they are getting smarter in using it.
Therefore you need to ensure that your house is all in order and please please please make sure all cash sales have a valid invoice made out and the money is banked.
Check out this article on our blog for more information around record keeping .. http://bizfitness.co.nz/you-need-to-get-it-right/#more-1909
.. and this one of Tax Audit Insurance http://bizfitness.co.nz/tax-audit-insurance-yes-or-no
Any questions please contact us and if you feel that things may not be quite right then definitely contact us ASAP.