Audits, even for 100% compliant entities, are incredibly stressful, time consuming and expensive. It’s not uncommon for audits to span all of a tax payers entities (operating company, trust, rental property etc) and last in excess of 12 months and cost tens of thousands of dollars in short paid tax, penalties, interest and professional fees.
As a result of the business disruption and cost caused by audits we’ve developed a product suite to help you minimise the pain that an audit inflicts:
A one on one meeting to get you on the right track
Frank Comply is designed to minimise the financial impact of an audit.
It is a deep dive into your tax affairs to make sure you’re as compliant as possible in respect of GST, PAYE (incl Kiwisaver), Income tax, FBT, Entertainment, and Withholding tax.
To give you ongoing peace of mind in case of an IRD audit
Frank Assure covers you for your accounting fees (up to $15K) with Frank if you are subject to an IRD audit or review.
This is the peace of mind product that means in the event of an audit we’ll be with you each step of the way ensuring that the audit is completed as quickly and cheaply as possible. This doesn’t cover core tax, interest or penalties but in most cases will cover your professional fees.
Keeps you up to date with tax compliance
Frank Forms consists of a pack that you’ll be able to use as a quick reference to tax compliance. It’s written in plain language and deals with the most common areas of fault in dealing with the IRD to help you apply good tax practices.
These are updated on a quarterly basis (and sent electronically) to make sure you’re always up to date with areas of tax risk and are able to reduce your chance of an audit, or minimise the financial impact of one.