In other words, having your tax returns prepared accurately and filed on time.
Having the correct systems in place is critical when it comes to compiling the information so that what our clients give us at the end of each tax year can readily be converted into financial statements and income tax returns.
We at Prosper are experienced at filing file with the Inland Revenue Department taxation returns for:
Goods & Service Tax
Fringe Benefit Tax
Resident Withholding Tax
Non-Resident Withholding Tax
IRD Audit Management & Debt Management
There has recently been a marked increase in the number of Audits undertaken by the Inland Revenue Department (IRD).
These can be very stressful for both our clients, and us! It is our aim to take the stress of the audit process off you. Our staff is experienced at working with the IRD and understand the audit process. We know the type of information required to resolve the audit within the shortest possible time and therefore reducing the stress on you.
We have experience in all type of Inland Revenue taxation audits including:
Full Income Tax Audit
We provide assistance to our clients in managing any tax debt they may have with the Inland Revenue Department.
Very simply, this debt is usually made up of GST, FBT or income tax which is owed to the IRD but which you, our client, are unable to pay.
When a debt exists we are experienced in:
Negotiate with the Inland Revenue Department on your behalf to agree a suitable payment arrangement
Apply for relief on your behalf in cases of financial hardship
Negotiate on your behalf for reduction in UOMI (Use of Money Interest) and penalties wherever possible
New Zealand tax system requires NZ "tax residents" to pay tax on their worldwide income. This includes all overseas interest; dividends; rental income; investment; cash jobs; salaries; bonds; - just to name a few.
Whilst you are entitled to claim overseas tax credits to help offset the NZ tax liability, there can still be a substantial amount outstanding. This can be a nasty surprise for the unwary at year end!
Determining tax residency is not a straightforward task.
If you are thinking of leaving NZ, you need to have your NZ tax affairs reviewed & sorted prior to your departure. You may be able to change to a non-tax resident. – Therefore exempting you from paying tax on overseas income in NZ.
Over the last few years, many of our clients have moved overseas, predominantly to Australia.
Resulting from this, Prosper has a lot of experience in assisting clients in the tax residency area. You are best to arrange a tax planning consultation if;
You are planning to go overseas to work, regardless of how long for.
You are an expatriate thinking of returning to NZ.
Our services include:
Tax planning advice for returning expatriates.
Evaluate and restructure your tax affairs prior to leaving NZ.
Assist you to determine and obtain non-tax residency status.
Liaise and negotiate with IRD on your behalf.