We have identified that real estate salespersons/agents are claiming a high level of expenses relative to their income.
We believe that people are claiming private expenses but not keeping logbooks or other business records to support a deduction.
As part of your end of year client review, you may wish to ensure you are keeping sufficient records to support expenses claimed. If the IRD is concerned someone has overclaimed expenses, they'll send them a letter asking them to provide records to support expenses claimed.
Please contact Alliotts' team of Chartered Accountants and Business Advisors in Auckland if you have any questions or visit email@example.com for more information.