AUDITS- WHAT IS INLAND REVENUE DEPARTMENT FINDING?
recently announced the major tax discrepancies identified by tax investigations.
results represent a good indicator for youof
common errors made by taxpayers, which may assist with checks that can be made
to minimise the risk of you falling into the same trap as those taxpayers who
have suffered the pain of getting it wrong and being caught by IRD.The major discrepancies are:
·Losses ineligible to be carried forward.
·Capital expenditure claimed in error.
·Taxable income treated as a capital receipt
·Failure to deduct or account for Non Resident
·Group loss offsets
·Non-compliance of the accruals regime
·GST- time of supply
·Losses on sales of assets claimed in error
·FBT on vehicles
·Failure to deduct PAYE/ Withholding Tax
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