IRD benefit by Small Businesses New Zealand Making small errors

Last year, the IRD handed New Zealand businesses just over $33 million in shortfall penalties, more than 400 of which were for gross carelessness.

Institute of Chartered Accountants tax director Craig Macalister said he saw a lot of small businesses making little errors that they often did not even realise had happened.

An error can mean a taxpayer had not met their obligation to provide an accurate return. “The IRD view very strongly that they want taxpayers to get it right. If you realise you’ve made a mistake, it is best to make a voluntary disclosure, either by talking to your chartered accountant or going directly to the IRD.

Source: NZ Herald