Beware: IRD’s Plans to Access your Bank Accounts
With the new platform IRD have recently rolled out for GST returns and the myIR Logon – there’s a section called ‘manage payment bank accounts’.
If you fill this in you’re giving IRD access and authority to take money out of your bank account on their terms, rather than when you want to pay them, on or before the due date.
Often in business you need to juggle cashflow – timing of money in and out – so making payments when you’re ready is important.
So be aware – if this is ok with you to setup, not a problem but if it doesn’t suit you we’d advise not to use this function within your myIR logon!