News and Media

Real risk digital IRD watchdog will cry wolf

20th April 2018

The Inland Revenue will turn off some online services today for employers and Thursday for the rest of us, while its new IT systems kick in as part of the tax department's $1.9 billion transformation project. 

Click here for the full article. 

IRD left $800m short on under-reporting from self-employed

20th April 2018

New Zealand is missing out on about $800 million in its annual tax take due to the country's self-employed under-reporting their income by about 20 percent, according to the Inland Revenue Department. 

Research by Victoria University and the government's tax authority estimates New Zealand's self-employed, which account for 12 percent of the workforce, on average under-report their income by a fifth. The paper, by IRD's Ana Cabral and Victoria University's Norman Gemmell, focused on the self-employed due to the lack of third-party reporting and limiting withholding of their income, giving them greater opportunity to dodge tax than people paying income tax through PAYE.

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Tori Sullivan: Taxman's robots to hunt out cash jobs

10th April 2018

Taxpayers beware! The roll-out of Inland Revenue's new $1.9 billion transformation project will significantly increase the risk of detecting cash jobs, under-reporting income or over-claiming deductions.

But it could also see significantly increase compliance costs for small and medium-sized businesses, which comprise a large chunk of New Zealand's economy.

Click here to read the full article. 

IRD introduces new tax option for SMEs

21st February 2018

Inland Revenue is urging businesses with annual turnover under $5 million to talk with their accounting software provider or tax agent about a new option that allows them to pay provisional tax only when they are making a profit.

The Accounting Income Method or AIM makes managing cash flows simpler because provisional tax payments are based on the business’ actual results.

Click here to read the full article. 

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