Tax Alert 

Inland Revenue audits are fun and friendly! – Or so Inland Revenue’s latest video suggests

Inland Revenue (‘IR’) has just released an informative video explaining how IR audits operate for small and medium enterprises. If the high-vis vest worn by the video’s key actor doesn’t spark your attention, the British accent combined with the fun and friendly delivery definitely will.

The video entitled “All about Inland Revenue Audits” outlines what IR perceives a business needs to know about the risk review and audit process.  It intends to allay fears and answer taxpayer concerns about how investigations occur in practice. It is part of IR’s new suite of YouTube videos helping to make tax easier, which all feature (surprisingly) actual IR employees.

The video is clear and summarised and it recognises and respects how nervous people can be about receiving a risk review or audit letter from IR. In trying to put taxpayers at ease, it states “We’ve found that most businesses are doing the right thing”, and that “the purpose of an audit is to ensure you pay the right amount of tax”. Sounds fine so far, right?

More >

Also in this issue

• Peering into tax: bad debts and P2P lending
• Engaged in R&D? The R&D loss tax credit regime is a go!
  
• What information should you file with your tax return?
  
• Comical Australian employee deduction case highlights New Zealand’s pragmatic rules