New Zealand to start monitoring and reporting crypto transactions
Up to now people may have assumed Inland Revenue won’t have access to information regarding their use of offshore exchanges to trade cryptocurrencies.
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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Up to now people may have assumed Inland Revenue won’t have access to information regarding their use of offshore exchanges to trade cryptocurrencies.
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