Northern Advocate
  • Northern Advocate home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Sport
  • Property
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Sport
  • Property
    • All Property
    • Residential property listings

Locations

  • Far North
  • Kaitaia
  • Kaikohe
  • Bay of Islands
  • Whangārei
  • Kaipara
  • Mangawhai
  • Dargaville

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • Kaitaia
  • Whangārei
  • Dargaville

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Northern Advocate

Jeremy Tauri: Can you live up to tax scrutiny?

By Jeremy Tauri
NZME. regionals·
13 May, 2018 04:00 PM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save
    Share this article
The tax man is coming for the food hospitality industry this year.

The tax man is coming for the food hospitality industry this year.

If you're in the hospitality industry, you could be in for a visit from the taxman as part of their focus on the hidden economy.

The IRD is looking at targeting the hospitality and food industry to identify undeclared income and address the high number of overdue returns and payments.

We've already seen the department doing high-profile work with tradespeople.

While the IRD has some useful information on its website and recommends having good systems in place, there is one suggestion that made me cringe, that a simple spreadsheet can work just as well as a software package to manage tax obligations.

I'd have to disagree with that notion — put the time and effort into getting some software and train or pay someone to look at your systems, because the onus is on you to prove without doubt your income and expenses are correct.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Businesses with poor results will sell for less and have trouble borrowing money.

So can your business live up to the IRD's scrutiny? Here's some questions to ask yourself.

Do my till tapes or receipts match what's banked into the bank account? If there are differences such as over bankings or under banked income, are there notes explaining the differences?

Advertisement
Advertise with NZME.

Do I have invoices and receipts for my expenses and for those things purchased in cash, where has the cash come from to buy them? If it's sales, has it been correctly accounted for?

How are my margins year on year? Do they vary a lot and why is that? Do they vary compared to others in the industry? This is one indicator that can alert the IRD to unbanked income.

Are all my staff on the books and are they taxed correctly?

Get some help and if you have something to confess, a voluntary disclosure to the IRD will see a reduction in penalties.

Jeremy Tauri is an associate at Plus Chartered Accountants.

Save
    Share this article

Latest from Business

Northern Advocate

Kūmara growers ready for new freshwater farm rules, industry leader says

Northern Advocate

Insulation rule changes could cut $15k from new build costs

Northern Advocate

Consumer NZ calls for action on 'shrinkflation' amid rising concerns


Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

Advertisement
Advertise with NZME.

Latest from Business

Kūmara growers ready for new freshwater farm rules, industry leader says
Northern Advocate

Kūmara growers ready for new freshwater farm rules, industry leader says

Plans must assess freshwater risks and report to regional councils.

21 Jul 11:00 PM
Insulation rule changes could cut $15k from new build costs
Northern Advocate

Insulation rule changes could cut $15k from new build costs

13 Jul 04:00 AM
Consumer NZ calls for action on 'shrinkflation' amid rising concerns
Northern Advocate

Consumer NZ calls for action on 'shrinkflation' amid rising concerns

03 Jul 05:00 PM


Solar bat monitors uncover secrets of Auckland’s night sky
Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

06 Jul 09:47 PM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • The Northern Advocate e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Northern Advocate
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The Northern Advocate
  • The New Zealand Herald
  • The Northland Age
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • © Copyright 2025 NZME Publishing Limited
TOP