Thursday, 21 November 2019

Every undeclared cash job leaves a trail

The IRD is looking hard at tax crime in the construction industry.

They will be contacting tradies to encourage them to declare all of their income through their GST and income tax returns.

While most people in the construction industry are doing the right thing, they are reminding your clients that undeclared cash jobs can have negative consequences. These can result in tax penalties, a criminal conviction that could affect their ability to contract for work, and even prison time.

As a tax agent, we play an important role in helping our clients meet their obligations.

If you have left some income off your previous returns, it’s best to let the IRD know now rather than wait for them to find out another way.

Visit ird.govt.nz/getitright