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2012 Budget – Opinion
The Budget speech was labelled as being a “zero” budget. I have some comments on the website http://www.edencitytax.co.nz
Yet I rate the present Cabinet really highly, maybe the best ever. Then I look at them “selling” bigger class sizes as part of a sensible solution and shake my head. What happens to people in power, how do they lose their common sense entirely?
To me, it is troubling that extra funding has been found for more tax audits and investigations. The increased scrutiny has been red flagged for some time, so I have had an opportunity to think about what I could do to protect you from this growing risk.
Together, we always try to comply with tax rules. But no one is perfect all the time, and even an investigation that resulted in no change to any return will still be stressful and will cost money.
You know that the tax laws are complicated. There is zero tolerance for error.
You may wrongly assume you are too small for the IRD to bother with. However, there was a tax case last year where the IRD went after someone for around $1000 of tax, because they wanted to set a benchmark on a point of principle.
Over the next few days you will get a “snail mail” letter from me offering an audit insurance cover. This cover has been developed in Australia, and has been used for some years there. It has just come to NZ, and my firm is one of the first to offer it to customers like you.
As with any kind of insurance, you need to assess your risk. Everyone’s circumstances are different. It is quite ok if you say that you do not want to take up the cover, as long as you have thought about it. I see it as my job to bring this service to your attention. Having (or not having) this cover will not in any way alter the service that my firm gives you.
As a promo, the company is offering a couple of months free cover. They are highly rated in Australia as value for money. I recommend that you look at the “zero” funding for just about everything in the last Budget, and the increase in funding for IRD audits.