Audit shield & tax pooling

Audit shield & tax pooling

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.

Our services include:

  • Tax Pooling

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 Management NZ 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

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.

What is covered?

All professional fees, up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. This includes:

  • Retrospective cover, all previously lodged returns are included.
  • Payment for your participation in tax deductible if you are in business or self-employed.

Is it right for you?

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.

Services

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News

05 Apr 2022

Tax Talk | Taxing the gig and sharing economy

With the rapid rise in the use of digital platforms to connect buyers and sellers, tax administrations around the world are realising that meeting tax obligations under current tax settings is a real challenge for those involved in the gig and sharing economy.

17 Mar 2022

Financial support update for businesses affected by Omicron

Inland Revenue has new timeframes around its latest assistance for businesses feeling the impacts of COVID-19.

23 Feb 2022

Tax Talk | Financial support for businesses most affected by Omicron

25 Nov 2021

Government support update

11 Nov 2021

Further COVID-19 support – make sure you claim your entitlement

Recent changes to the structure of government COVID support for businesses mean the dates on which applications open will now be aligned. Applications for both the next round of the wage subsidy and the next round of the resurgence support payment will be opening this Friday (12 November 2021).

08 Oct 2021

Ongoing Government Support for Business | COVID-19

29 Sep 2021

Tax Talk | Interest Deductibility Rules Announced

More than six months after the government announced interest deductibility limitations for residential properties and a mere three days before these rules would come into force for residential rental properties owned prior to 27 March 2021, the government has released the new legislation in the form of a Supplementary Order…

21 Sep 2021

Tax Talk | New Tax Bill

The Minister of Revenue recently introduced the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Bill (the Bill) to Parliament.   We discuss the key changes here.

14 Sep 2021

Tax Talk | Business support update

With Auckland set to have another week at Level 4, and potentially several weeks at Level 3, the support available for business throughout the country continues to evolve.   We provide the latest on what support is available, the criteria and when it will be available.

13 Sep 2021

Resurgence support payments from 8 September

The Minister of Finance has announced another round of the Resurgence Support Payment.

25 Aug 2021

Tax Talk | Inland Revenue confirms no penalty for late payment or late filing

The Inland Revenue Department is reassuring customers they won't be penalised for late payments and asking that people do not try to contact them via phone, instead to use MyIR.  

25 Aug 2021

Business Checklist - COVID-19

As we progress up and down Alert Levels, businesses need to review their business continuity plans, and take a flexible mindset to operations.  

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