We are an Approved Advisor Group with Inland Revenue

On 29 June 2022, the Institute of Certified NZ Bookkeepers became the 4th organisation in New Zealand to be granted Approved Advisor Group status with Inland Revenue, endorsed by the Commissioner.

This achievement was announced live to attendees at Bookkeepcon22 on 29 July 2022 by Cy Lochead, National Leader of Community Compliance for Inland Revenue

It was said that this is an extensive approval process in which ICNZB has satisfied all the legal requirements stated in Section 20B(5) of the Tax Administration Act 1994.  The approval process included a robust check on our Code of Ethical Conduct along with our disciplinary process.  This also included information on:

• The levels of membership, their definitions and requirements and our geographical reach.
• Our longstanding presence in New Zealand.
• The achievements and milestones of ICNZB to date including successfully advocating for intermediary recognition with Inland Revenue for bookkeepers.
• How the Association is structured, and how it operates.
• The positive impact bookkeepers have on the small to medium enterprise sector. 
• Our valuable contributions to tax consultation submission papers. 

The approval acknowledges that ICNZB has matured and continues to add more professionalism to the industry. 

A positive result of this recognition is that there are now more New Zealand taxpayers who are represented by Approved Advisor Groups, which increases the integrity of the tax system.

What exactly does Approved Advisor Group mean?

It recognises that members of ICNZB have a significant function of giving advice on the operation and effect of tax laws. 

As an Association, it opens more opportunities to advocate on behalf of the bookkeeping profession.

How does this impact members of ICNZB?

This status provides members of ICNZB with two tangible benefits:

1. Credibility to new and perspective clients. 

It strengthens trust for existing or new clients by providing the confidence that they are represented by a bookkeeper who is a member of an Approved Advisor Group. 

2. The ability to claim non-disclosure rights on tax advice documents. 

While this is not something that comes up frequently, a Bookkeeper who is a member of ICNZB will now be able to claim non-disclosure rights on tax advice documents relating to their clients.

In practical terms this means – your client may come to you with queries on business scenarios they may want to explore, transactions that have occurred, or simply anything on their horizon that has tax implications.  This advice would be considered privileged. This means if Inland Revenue have a warrant for information or are investigating a criminal case, you can apply for non-disclosure rights of any tax advice documentation. 

For more information on how the non-disclosure right applies to tax advice documents, members should familiarise themselves with Operational Statement OS 18/02: Non-disclosure right for tax advice documents.

Who are the other Approved Advisor Groups?

The other Approved Advisor Groups are:

• Chartered Accountants Australia and New Zealand (also know as New Zealand Institute of Chartered Accountants)
• CPA Australia
• Accountants and Tax Agents Institute of New Zealand (ATAINZ)