Reduce interest costs on audits

Reduce interest costs on audits

Reduce interest costs on audits Lee Stace

folder with label auditTMNZ has recently received a number of enquiries from clients wishing to pay an historic tax liability through us.

We would like to remind clients that we can help reduce IRD interest costs by up to 30 percent and eliminate any late payment penalties if they have received a notice of reassessment from IRD due to an audit or voluntary disclosure.

We can assist if it is discovered that clients owe more income tax, provisional tax, terminal tax, PAYE, RWT, NRWT and GST than they initially paid to IRD.

There are some conditions, though:

  • We can help with reassessed tax – that is, a tax return must have been filed (unless Commissioner’s Discretion is granted). Only the difference between the assessed and reassessed amount of tax owed can be settled via us.
  • Clients have 60 days from the date the IRD notice of reassessment was issued to pay the additional tax they owe through TMNZ.

What we need from you

To ensure we can provide a quote as fast as possible, we need the following information:

  • A scanned copy of the IRD notice of reassessment.
  • Your myIR Lookup details.
  • The date of the reassessment.
  • The tax year, the tax type, amount of additional tax owed and the original date(s) on which the tax was due.

If the increased amount of tax owed relates to a tax year prior to 2010, it is best to email or phone 0800 829 888.