Audits and voluntary disclosures

Key information

Can assist with historical income tax, GST, DWT, RWT, NRWT, PAYE, FBT, ESCT and RSCT.
A return for the tax type and period for which your client is being reassessed must have been previously filed.
However, Inland Revenue has a discretion to allow your client to use Tax Traders if a voluntary disclosure has been made, but no previous return has been filed. There are specific criteria that your client needs to meet. Please contact us to discuss as we may be able to assist.
Your client has up to 60 days from the date the notice of reassessment was issued by Inland Revenue to pay the additional tax they owe via Tax Traders.

How it works

Tax Traders has tax available in our account at Inland Revenue going back several years. This tax has been paid by different taxpayers at different tax dates and their payments were date stamped at the time they were made.

Once these taxpayers have finalised their tax return and settled their residual income tax, they are able to earn a better interest return by selling any overpaid tax they have to a taxpayer who has underpaid. Your client would be ‘buying’ this surplus tax and applying it against their own liability.

1
Your client pays the tax amount, plus our interest cost to Tax Traders.
2
Tax Traders arranges for the date-stamped tax your client requires to be transferred to their Inland Revenue account.
3
Inland Revenue treats it as if your client has paid on time once it processes this transfer, removing interest and late payment penalties showing on their account.

Why Tax Traders

Reduce your client’s interest cost and eliminate late payment penalties
No minimum amount to buy
Immediate confirmation of requests
Transactions processed weekly, so you and your client don’t experience a long wait.
World-class service
Training and support