How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chris The Lawyer Your Own Question
Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22983
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
Type Your New Zealand Law Question Here...
Chris The Lawyer is online now
A new question is answered every 9 seconds

I didn't declare all of my income as a sole trader. tax has

Customer Question

I didn't declare all of my income as a sole trader. tax has asked for a risk review. what should I do ?
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

There are a number of possible outcomes, including tax penalties and even criminal charges. If they have good evidence of the evasion, then you should come clean and cooperate, on the basis that you want to do a deal. The offer would be full cooperation, payment of the extra tax, and an agreement that IRD will accept this and not take the matter any further. You have stated they are looking at a risk review. Do you mean they are auditing your tax and assets ?