Intax Chartered Accountants

From 13 October, IRD is launching a pilot program where selected businesses will receive a formal Notice of Intent about any outstanding tax debt.

If no action is taken — such as setting up an instalment arrangement — the debt may be reported to credit agencies after 30 days.

The notice will appear in the business’s myIR account and be couriered to the registered office. The 30-day period starts once it’s delivered.

IRD will notify the company only, not individual directors. ‘Reasonable efforts’ include IRD’s standard overdue reminders and repayment options.

In the last quarter alone, the IRD placed 164 companies into liquidation.

Don’t let your business become part of that statistic. Ignoring the problem won’t make it go away—burying your head in the sand only gives debt more time to grow.

The earlier you take action, the more options you’ll have to turn things around. Start now: seek advice, create a plan, and work toward paying off your debts before it’s too late. Your business’s future depends on the steps you take today.

Restaurateur linked to 11 liquidations now owes the Govt $2m The man behind Auckland's Kohi Beach Eatery and burger chain Downlow has had two more companies placed into liquidation with his businesses owing a combined $2m to the Govt.