Audit Shield is an insurance we offer to protect against the cost of a tax audit by Inland Revenue, while tax pooling mitigates interest on tax penalties.
Tax Pooling allows our clients to obtain significantly better interest rates on tax payments, eliminate penalties in many cases, and provides access to funding tax payments if cash flow is tight. Our strategic alliance with Tax Traders means greater protection against tax interest and penalties. In particular, it gives greater tax certainly for businesses with unexpected variations in income or seasonal revenue differences. Tax pooling can also be used to satisfy tax due as the result of an audit adjustment, or if there is a voluntary disclosure to correct a tax position.
Audit Shield is third party optional tax audit insurance which covers professional fees paid if you face an Inland Revenue audit, investigation or review. The cost of being properly represented can be considerable. Even a simple Inland Revenue enquiry can require hours of work. The Audit Shield Master Policy provides a fixed, cost effective solution to mitigate these unbudgeted costs.
All professional fees, up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. This includes:
All Baker Tilly clients are invited to participate in our Audit Shield Master Policy. Different levels of cover are available for salary and wage earners and businesses with turnover under $100 million.
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New Zealand’s foreign investment fund (FIF) rules have created much angst for Kiwis over the decades of their existence. These rules apply primarily to tax New Zealand tax residents who directly own shares, costing more than $50,000, in foreign companies (excluding Australian listed shares).
Inland Revenue has released draft guidance on share investments and it’s a helpful reminder that capital gains are sometimes taxed in New Zealand.
Are you GST registered for an activity that directly or indirectly involves your bach, lifestyle block, home or other appreciating asset?
With the government’s tax cuts less than a month away from coming into force, we briefly outline what you can expect and any actions that might be necessary.
The sixth National government’s first budget was released earlier today, and while the faces might be new, there was little in the way of bold new initiatives.
Do you own commercial or industrial buildings and report under IFRS or PBE standards? Have you considered how the recent removal of tax depreciation deductions on these buildings will affect you?
A lower corporate tax take, wage inflation and plummeting spending indicate a difficult 2024.
It all sounds too good to be true but following changes to fringe benefit tax (FBT) rules last year our Auckland Tax and Human Resources teams have combined their expertise to establish a leading-edge Sustainable Commuter Scheme that benefits employers and their employees.
The word “tax” typically isn’t music to anyone’s ears, but there is a tax that makes our lives easier. We’re talking about provisional tax, which lets us spread our income tax payments across the financial year, rather than make one crippling payment at the end.
Late last week, the government announced changes to the tax Bill now working its way through Parliament. This bill is bringing in the new trust tax rate of 39% with effect from 1 April 2024.
With National having promised to repeal the platform economy GST rules (the so-called “app tax”), it came as a surprise to many when late last year, the incoming coalition government indicated they would not repeal the “app tax”.
Ask an expert: I have recently taken on an independent director who is not also an employee. What do I need to be aware of?
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