Cash Jobs

Do you take Cash?

The IRD are focusing on undeclared cash jobs and if you’re in the construction industry the Department may be in touch with you. 

What should you be doing?

This is a timely reminder about the importance of using good practice for your record keeping and if you are taking cash jobs, where money doesn’t make the bank account, ensure these amounts are accounted for as sales in your GST Returns and you are advising your accountant so they are included in annual accounts for tax purposes.  Likewise, if you’re paying for business related goods and services with cash, remember to claim the expense.

The consequences of not declaring income can range from hefty tax penalties to criminal convictions – both of which can have an impact on your business and personal circumstances.

We can help

Although the IRD are targeting the construction industry, if you are working in a business where the exchange of cash is common, don’t rule out a visit from the Department.  If you would like to discuss record keeping methods to make including your cash jobs in GST and tax returns a simple process or any other issues please contact us.