Tuesday, 18 July 2017 14:25

‘How much for cash?’

 . . . . a statement that is very common in the Construction Industry.

In an IRD survey of around 500 tradespeople, a quarter said under-the-table jobs were common in the building and construction industry and that three out of six tradesman contacted for a quote provided a cash price, without being asked.

Undeclared cash remains a high priority for Inland Revenue and they are clamping down on ensuring that all jobs are recorded correctly. 

Inland revenue are inputing a new initiative to remind all ‘Tradies’ of the consequences of not declaring income (tax penalties, criminal convictions or ability to contract for work) which can have considerable flow on effects to their business and personal circumstances.

The IRD valued the 'hidden economy' of intentionally not declaring or accurately reporting transactions at $146 million.

Just remember that it is fine to do a ‘cash job’ as long as you are declaring the income.

If you are unsure of anything then please contact your Client Manager or This email address is being protected from spambots. You need JavaScript enabled to view it. to get in touch and we will be able to talk you through any concerns.