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Tax policies for GST, FBT, PAYE and withholding tax

Formally documented tax policies are an essential component of any tax risk management strategy.

As well as providing guidance to staff on the calculation of tax liabilities and preventing errors from occurring at return preparation, tax policies also provide evidence to the IRD that the entity is taking adequate care in the performance of its tax obligations.

However, it is important to ensure that the tax policies are appropriately customised to cover the particular issues affecting the entity, and that the policies are regularly updated to reflect changes in tax legislation and IRD policy. It is also important to ensure that all relevant staff members are familiar with its contents.

The document below provides an example of tax policies in relation to GST, FBT, PAYE and withholding tax.

Page created: 11 April 2018