| Why you should keep your records up to date? |
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| Inland Revenue
can choose to audit Direct Selling companies at any point and
are likely to consider Distributors for audit particularly in
relation to GST. |
| Most IRD interest
will be in GST in the first instance but if your records are
not accurate then this is likely to extend to other taxes. There
is of course no guarantee that other taxes will not be targeted
depending on focus. |
| The IRD undertakes
spot checks of business for GST and Payee tax and randomly sample
income tax based on returns made. You need to have an adequate
record keeping to satisfy any immediate requests of a simple
nature and more detailed data within a couple of days maximum.
See the IRD record keepin
guide IR323 for more on this or the Direct
Sellers Guide IR 261 for more specific industry related guidance. |
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