New Zealand tax residents are generally required to pay tax on their worldwide income, even if they do not bring it into New Zealand or another country has already deducted tax. As intergovernmental tax transparency agreements and treaties have improved the flow of information across borders, there is an increased risk of professional negligence claims against accountants in this space.

These risks affect accountants who solely provide relatively straightforward accounting and tax compliance services, as well as those who act as trustees or advisors. In this article, partner Rebecca Scott and special counsel James Dymock explain the steps accountants can take to avoid the risk of claims.

You can download the full article below.