I Have Debt With The IRD
POSTED:
GRA Blogs
Articles by John Rowe
In March 2013 I wrote a blog about the heavy handedness of the IRD, and that their tactics were the leading cause of bankruptcy in New Zealand. At GRA we have noticed that these tactics are getting markedly worse, and we are seeing significantly more IRD-led prosecutions.
How you react when the IRD is breathing down your neck will have a major influence on the outcome. Our most vital piece of advice is:
Don't try and deal with it by yourself. Get professional advice before approaching the IRD.If you don't take professional advice and consequently don't deal with the situation strategically, you open yourself up to additional penalties. The whole thing can quickly spiral out of control, with the IRD baying for your business, your personal assets, and probably your firstborn as well if they could.
Professionals on the other hand, understand how best to deal with any sticky situation you may be in, and are aware of alternatives that you may not know about (e.g. debt remission).
Many people facing problems with the IRD try to minimise their fees, and so won't ask for help. This is a false focus, because it limits options and can lead to significant issues. At GRA we don't charge our accounting clients for phone calls and quick meetings, so at the first sniff of trouble, put your hand up and ask us for help.
Plan for upcoming tax payments
There are two tax payments due shortly, one on April 7th and the next on May 15th, so you need to budget for those. If you don't think you have the resources to pay them, or you will need to borrow money to do so, talk to us, because there are options available to you (such as tax financing where you can defer payment for up to 12 months).
If you'd like help with planning your tax payments, or if you are already behind, contact us online, or call us on +64 9 522 7955 or email [email protected]. Don't wait, do this now.
John Rowe
Director
Business Accounting Services
© Gilligan Rowe & Associates LP
Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.
Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.
Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
Testimonials
Just letting you know we got this house!! Super uber excited! Just wanted to say that there is no way in hell I could have got this over the line without your detailed and comprehensive help, you have been absolutely amazing. I have absorbed everything you’ve taken the time to teach me about analysing properties for development potential. Really amazing…. thank you!!
- Name withheld on request, November 2020
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
Learn More
