Undeclared cash in the construction sector
We have recently received advice from IRD confirming that they are continuing to focus on undeclared cash in the construction sector.
IRD are letting Tax agents know they are going to write to some construction clients again about it. They are reminding them of their obligation to declare all their income, including cash jobs – no matter how big or small – when they file their GST and/or income tax returns.
IRD is getting smarter at finding people who are not declaring all their income and there are consequences of not declaring income which can include;
IRD investigations and audits are time consuming and stressful
criminal convictions or their ability to contract for work – which could have a considerable impact on their business and personal circumstances
If you have not declared cash jobs in your income, please contact us now – it’s better to make a voluntary disclosure to the IRD than have them contact you.