Small to medium businesses

  • Not accounting for GST on the private use of assets
  • Not including all taxable supplies in the GST return
  • Reporting sales and expenses in the incorrect period
  • Not registering early enough or not deregistering when the business closes
  • failing to file IR 3 income tax returns on time
  • failing to register for GST once taxable supplies reach $60,000
  • claiming private expenditure and incorrectly income splitting income with a partner or spous
  • Large or one off unusual transactions
  • Unexplained tax losses
  • Unusual classification of income or expenditure between capital and revenue
  • Mismatches between tax paid and net wealth
  • Complicated structures or intra-group dealings
  • Unusual financial instruments or financing arrangements
  • Mixed business/private use of assets – especially lifestyle assets



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