Are You a Real Estate Agent?
Friday, March 5th, 2021
If the answer is “yes”, then you should know the IRD may be interested in the expenses that you are claiming.
The IRD have identified that Real Estate Salespersons / Agents are claiming a high level of expenses relative to their income.
You are required to maintain a logbook and /or keep other business records to support your expense claims and as part of your annual review, your DPA expert may enquire about your expenses to ensure you are keeping sufficient records to support expenses claimed.
The IRD also plan to provide education and offer seminars to real estate firms to help customer file the correct returns.
If the IRD are concerned you have overclaimed expenses, you will receive a letter from the IRD asking for your records to support your expenses. If this happens to you, make sure you get in touch with your DPA expert so we can guide you through the process.
If you are unsure about what is required of you, please do not hesitate to contact the office.