|Lack of Reasonable Care||Unacceptable Tax Position||Gross Carelessness||Abusive Tax Position||Evasion|
Tax penalties may be reduced by up to 100% if disclosure is made to the IRD before an audit, by 40% if disclosure is made before the first meeting with IRD, or by 75% if the shortfall is temporary. A 50% good behaviour discount may also apply.
|Income tax||$50 to $500|
|Employer monthly schedule||$250|
|GST||$50 or $250|
|Day following due date||1%|
|Seven days following due date||4%|
|Each month following due date||1%|
If you have more inquiries on this topic, please feel free to contact your wellington accountant.