Latest IRD News - June 2022

​COVID-19 Payment review 

The Inland Revenue have nearly completed the applications for the COVID-19 Support Payment and are now reviewing the accounts of a sample of their customers who received one or more of the following:

• Resurgence Support Payment (RSP)
• COVID-19 Support Payment (CSP)
• Small Business Cashflow Scheme loan (SBCS).

The review is to make sure customers met the relevant eligibility criteria and have used the payments in line with the terms and conditions. If the IRD find you were ineligible or have not used the payments in line with the terms and conditions, they may act to recover these.

To check the eligibility criteria visit the website by clicking the link. 

CHECK NOW

The message here is to ensure to send your expenses reconciliation to your accountant.

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​Hidden Economy real estate campaign

Inland Revenue started the campaign because a number of real estate agents appeared to be:

• claiming private expenses against their business income and/or claiming expenses without supporting business records
• using net versus gross values when reporting GST
• not including wage subsidy payments received within their annual income tax return.

Learn More

The message here is do not claim personal expenses and common errors that real estate agents make. 

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If you have questions about any of these issues please do not hesitate to get in touch with us here at Apex Accountancy.