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Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
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Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
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Complex and international services
Our experience of multi-jurisdictional insolvencies coupled with our international reputation allows us to deliver the best possible outcome for all stakeholders.
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Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
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Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
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Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
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Financial models
A sound financial model will help you understand the impact of your decisions before you make them. Talk to us about our user-friendly models.
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Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
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Independent business review
Is your business viable? Will it remain viable in the future? A thorough independent business review can help your organisation answer these fundamental questions.
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IT forensics
Effective ESI analysis is integral to the success of your business. Our IT forensics experts have the technical expertise to identify, preserve and interrogate electronic data.
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Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
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Raising finance
Raising finance - funders value partners who can deliver a robust financial model, a sound business strategy and rigorous planning. We can guide you through the challenges that these transactions can pose and help you build a foundation for long term success once the deal is done.
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Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
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Restructuring and turnaround
Grant Thornton’s restructuring and turnaround service capabilities include cash flow, liquidity management and forecasting; crisis and interim management; financial advisory services to companies and parties in transition and distress
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Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
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Employment tax
Grant Thornton’s advisers can help you with PAYE (payroll tax), Kiwisaver, fringe benefits tax (FBT), student loans, global mobility services, international tax
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Global mobility services
Our team can help expatriates and their employers deal with tax and employment matters both in New Zealand and overseas. With the correct planning advice, employee allowances and benefits may be structured to avoid double taxation and achieve tax savings.
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GST
GST has the potential to become a minefield and can be expensive when it goes wrong. Our technical knowledge can help you minimise the negative impact of GST
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International tax
International tax rules are undergoing their biggest change in a generation. Tax authorities around the world are increasingly vigilant, especially when it comes to global operations.
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Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
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Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
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Tax governance
Mitigate tax risks and implement best practice governance that will stand up to IRD scrutiny and audits.
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Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
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Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
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Audit technology
We apply our audit methodology with an integrated set of software tools known as the Voyager suite. Our technology has been developed to produce quality audits that are effective and efficient.
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Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
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Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
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Cloud services
Leverage the cloud to keep your data safe, operate more efficiently, reduce costs and create a better experience for your employees and clients.
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Internal audit
Our internal audits deliver independent assurance over key controls within your riskiest processes, proving what works and what doesn’t and recommending improvements.
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IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
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IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
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Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
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PCI DSS
Our information security specialists are approved Qualified Security Assessors (QSAs) that have been qualified by the PCI Security Standards Council to independently assess merchants and service providers.
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Process improvement
As your organisation grows in size and complexity, processes that were once enabling often become cumbersome and inefficient. To maintain growth, your business must remain flexible, agile and profitable
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Procurement/supply chain
Procurement and supply chain inputs will often dominate your balance sheet and constantly evolve for organisations to remain competitive and meet changing customer requirements
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Project assurance
Major programmes and projects expose you to significant financial and reputational risk throughout their life cycle. Don’t let these risks become a reality.
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Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
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Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
In a post-election article published last year, I asked if the new Government would act on its campaign cries of supporting a “health system that’s in crisis”. This year, its Budget fell short in a number of areas, with the provision of training for only a further 25 new doctors per year over the next four years.
It’s also unclear if these new doctors will eventually take up permanent positions in our desperately under-resourced primary care sector. We currently have one of the lowest ratios of medical training for population in the OECD; it’s a major issue and cash won’t immediately remedy the shortage. Last year’s Budget funded training for an extra 50 GPs, but it will be well over a decade before the first graduates are ready to serve on the frontlines. The current Government has committed to developing a business case for a new medical school at Waikato. That’s badly needed. However, it will only be greenlit by the Government if the cost benefit analysis is viable, and again, it will be a long time before there is a graduating class.
In the meantime, if a New Zealander has a worrying cough, how quickly could they get in to see their general practitioner? It’s unlikely to be the same day. It might not be the same week. It could take a month, or even six weeks, according to various surveys over the past two years.
GPs are overbooked, underfunded, and struggling to meet demand. Many practices are no longer accepting new patients, so some people aren’t even registered with a family doctor.
But the cough is getting worse, a decision needs to be made. Will they go to the A&E, where they’ll pay more and wait longer? At least they’ll be able to see a doctor. Or will they do nothing and hope the cough gets better on its own? That option doesn’t cost anything, but if their health keeps deteriorating, they may end up in hospital with pneumonia.
Pressure building up throughout the health system
This is the dilemma for patients, but it’s far from simply an individual problem. Pressure on the primary healthcare sector cascades through our health system. Since the pandemic, wait times to see GPs have been the number one barrier to accessing healthcare, with over 20% of people – a million Kiwis – put off by wait times, according to 2022 data. The result is increasing pressure on A&E departments and hospitals, which puts people with health emergencies at more risk.
Last month, an overflow of patients at North Shore Hospital’s emergency department saw them being treated in corridors, which the hospital’s director described as “compromising quality care” and “a contributing factor to uncivil behaviour and potential violence”. Meanwhile, in February there were 60,000 New Zealanders overdue for their first appointment with a hospital specialist. Residents of a first-world country should not be facing these difficulties in accessing care.
Our health system is overloaded – and GPs are struggling at the coalface, ready to throw in the towel. There is an ongoing shortage of GPs, as there has been for at least five years, and the job is so tough that attrition rates are high. Early retirement looks very appealing when you’re under enormous pressure every day, with no end in sight.
Changes to the funding model for general practice will be at least a year away, if not more. But they are on the horizon, which is positive. The cost of running a general practice far outstrips revenue – the gap is between 10% and 20%, according to 2022 analysis by Sapere. Even a 10% bump in funding would be too huge a number for the Government to swallow in one gulp. They could take a transitional approach, but that’s unlikely to keep pace with increasing demand.
Attracting and retaining more GPs
Even if the Government miraculously found another 20% in funding for every GP clinic, simply throwing money at the issue won’t resolve it. We need to tackle this problem from more than one angle.
In the meantime, the doctors we do have are leaving for other countries. We import 1,000 doctors a year, but most do not stay in New Zealand – and local GPs also leave for higher pay and better conditions. We need to incentivise all our doctors to remain on our shores, whether it’s through a training bond agreement, student loan reductions, or bonding immigrants to work here for a set period of time before they can leave for Australia.
We may simply need to pay more at the doctors
Changing funding for general practice is challenging. The sector needs more money, and the money needs to be shared around differently. That will involve a close study of equity issues, and not everybody will be happy with the outcome.
Some people simply cannot afford to pay more to see their GP, and after wait times, the biggest access barrier is the cost of a consultation. For those who can afford to pay more, prices are likely to rise. We have taken low-cost healthcare for granted for decades. GPs have been underfunded for so long that higher consultation costs may be inevitable. Costlier consultations will probably be very unpopular, but they may be the only way to keep the primary healthcare sector from falling into dysfunction.
Another approach is to increase the multi-disciplinary approach, where more tasks are delegated to nurses, nurse practitioners and nurse prescribers. This would provide lower-cost healthcare professionals for certain jobs, freeing up GPs to focus on the most-skilled work. The GPs I work with haven’t reacted warmly to this model; they worry that less-trained staff would lack the knowledge to deliver a comprehensive service to patients, and might not have the context or experience to spot more complex issues.
Can New Zealanders continue to expect world-class healthcare without paying more – either as a user or through taxes? Perhaps not. We cannot ask family medical practices to keep operating at 110% of their budget and capacity. And we certainly can’t be surprised when new doctors don’t want to sign up for more of the same.
We need a radically different funding model, which will require significant analysis, support and planning before it can be implemented. Although it’s not going to happen with Budget 2024, it is promising to see that the new Health Minister is signalling big changes in the future. Let’s hope we can take the pressure off GPs, easing the overflow into our A&Es and hospitals, and make it easier for all of us to get an appointment at the family doctor.