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IRD planning crackdown on insurance advisers

Insurance advisers are being urged to take advantage of an Inland Revenue programme on GST for income earned on risk insurance products, such as income protection and health and disability.

Tuesday, January 6th 2009, 7:25AM

Commissions earned from the sale of life insurance business, such as whole-of-life policies and term insurance are exempt from GST as they are financial services. But non-life insurance business, such as income protection and health and disability insurance is not.

Institute of Financial Advisers president Lyn McMorran says some insurance advisers may not be aware of the requirements to register for GST.

She says insurance advisers earning more than $40,000 a year from non-life insurance business might not have registered for GST and should therefore take advantage of the IRD’s disclosure programme based on earnings for the 2008 calendar year.

“Some insurance advisers might not have registered for GST when they have been required to. As such they should be taking advantage of the opportunity that the IRD has presented to them by declaring their earnings, without having to incur heavy penalties.”

McMorran says the IRD raised the issue concerning advisers not accounting for GST with the institute and advised of its intention to look into this area more closely.

She says IRD is giving advisers a chance to get their records up to date before it starts investigating insurance advisers.

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