Have You Signed Up To Audit Shield Yet?

You have been invited to participate in the Audit Shield programme. This is a cover for professional fees (accounting, legal, tax specialist) incurred as a result of a direct notification or request for information and could be for any tax type, return disclosure or risk review. 

Over the past few years, the IRD has not had the resources to undertake reviews however our expectation is that extra resourcing has been allowed for so we may see an increase in this space. 

We have certainly seen an increase in information requests for large GST refunds or GST that are out of an ordinary pattern, Covid wage subsidy and Resurgence payments that have already been processed and Trust tax return disclosures that are new for the 2022 year.