Tax audits, disputes & rulings

Tax audits, disputes & rulings

The tax-risk environment has changed, and technology is increasing the chance of IRD looking into your affairs.

Real-time big data and specialist software are routinely used to monitor records and transactions. Baker Tilly Staples Rodway’s tax advisors are reliable and experienced at dealing with IRD, whether you're responding to questions, need help during an audit, or require a binding ruling to resolve a tax uncertainty.

Our services include:

Audits and disputes
  • Collating and presenting information requested during risk reviews, audits, and basic compliance package request.
  • Drafting and submitting technical responses and formal dispute documents to address Inland Revenue queries and challenges.
  • Strategy and leading negotiations to obtain the best outcomes during settlement discussions, and to minimise penalties.
Voluntary disclosures
  • Making a voluntary disclosure to Inland Revenue if you haven't returned the correct income. Usually, this results in no penalties charged and immunity from prosecution.
Binding Rulings
  • A Binding ruling is an agreement between senior and independent Inland Revenue personnel that locks-down the tax effects, and efficiencies of a proposed or recent transaction.
  • We can manage your binding ruling application.

Who can benefit from binding ruling:

  • Family requiring assurance on a proposed family business transaction.
  • Parties to large transactions eg. construction projects
  • Cross-border businesses using advanced pricing agreements (APA) to lock down cross-border dealings.
  • Boards of public and larger family companies.
Key business contracts

Binding Rulings mean that your suppliers, contractors, employees and customers are tax assured when dealing with your business, for example:

  • Employee share schemes
  • Multi-party projects including, infrastructure construction, film, and primary industry
  • Customer loyalty programs

Binding Rulings lock-down the tax effect of key transactions.

Boards in total control

Tax controversy is a no go for Boards of public and larger family companies.

Boards use Binding Rulings to eliminate tax risk in large or complex transactions. This “set-and-forget” approach enables the Board to keep a keen focus on the business itself – your governance enhanced.

Multinationals doing business in NZ

Tax is in the media. Now more than ever, multinationals operating in New Zealand use Binding Rulings and Advance Pricing Agreements to guarantee tax efficiencies and avoid possible media driven tax controversy – your brand protected.

Family business - restructuring

Protecting family wealth for future generations can involve the transfer of substantial income producing assets under family structures. Key tax questions arise for Inland Revenue; dividend stripping, deemed dividends, depreciation recovery, deemed market value transfers, GST. A Binding Ruling assures the whole family and provides intergenerational tax certainty – your legacy secure.

Services

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News

27 Sep 2022

The importance of paying tax as prescribed in NZ

Tax evasion is a criminal offence in New Zealand, and the charges carry a maximum sentence of five years’ imprisonment and a fine of up to $50,000.

19 Sep 2022

Tax Talk | Pros and cons in proposed Taxation Bill

The Minister of Revenue recently introduced the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) into Parliament.

08 Sep 2022

Your business benefits from tax pooling in NZ

Taranaki Business Advisory Associate Kylie Cronin is a huge fan of tax pooling. Here, she explains the benefits.

25 Aug 2022

Which business expenses are tax deductible?

From the internet to repairing your motor vehicles, claiming deductible business expenses can add up at the end of the financial year. Are you up to date with what you’re entitled to? Baker Tilly Staples Rodway director Kylie Hollard talks about what’s covered.

18 Aug 2022

Tax considerations for the current crypto winter

Market conditions can change quickly in the world of crypto. Indeed, it doesn’t seem long ago that people were asking “how high can Bitcoin go?” and considering the extent that altcoins would “go along for the ride”.

30 Jun 2022

Tax Talk | Rates revamp for the 2022 income year

Inland Revenue has recently published various updated standard rates, and we outline these below:

10 Jun 2022

Trust rules keep focus on high-wealth Kiwis

Are you considered well-off or a high earner by average standards? Then you’ve probably felt the effects of government initiatives focused on ensuring the wealthy pay their “fair share”. Now it’s turned its gaze to trusts, with the implementation of new reporting requirements.

08 Jun 2022

Trusts will wear burden of new compliance costs

If you’re one of the many people who set up a family trust to protect your assets, by now you’ll likely be aware that the government has put a spotlight on trusts.

31 May 2022

Government looks inside use and wealth of trusts

Last month the Government brought in new annual reporting requirements for domestic trusts. It wants a better understanding of how trusts are used and what wealth they hold, so Inland Revenue has introduced two sets of reporting requirements.

18 May 2022

Budget 2022 - our analysis

Our tax experts summarise and give their opinion on the main points of the Labour Government’s 2022 Budget.

16 May 2022

The taxman cometh: Kiwis paying 10 days more taxes than last year

Our 2022 Tax Freedom Day calculations reveal the biggest shift in tax payments since 2010, with New Zealanders paying 10 more days’ worth of taxes than they did last year.

07 Apr 2022

Tax Talk | Inland Revenue revisiting GST apportionment

If there is anything that causes an accountant to prematurely age and wish they could give the “too hard” basket back, it has to be GST apportionment.

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