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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.
Government business continuity packages
19 Aug 2021There are a range of grants available from Government and Inland Revenue to support Kiwi businesses. Please take some time to read the following information which covers:
- wage subsidy and resurgence support
- how to treat the resurgence payment and wage subsidy in your accounting software
- leave support scheme
- small business loan scheme
- NZTE support for businesses impacted by COVID-19
Please get in touch with us if you need support or advice about the following packages available from Government.
Wage subsidies and resurgence support
The Government continues to provide a fiscal and economic response to the COVID-19 pandemic including a wage subsidy scheme and resurgence support payments. An overview of each subsidy is outlined below; be sure to contact your Grant Thornton advisor to discuss the best option for your organisation.
Wage subsidy #2
A new wage subsidy is now available for eligible businesses and sole traders that have been impacted by the continuation of alert levels 3 or 4 from 17 August 2021. Eligible businesses can apply for a contribution to wages if they expect or will have a 40% decline in revenue over a period of 14 consecutive days between 31 August 2021 and 13 September 2021 inclusive, compared to the same period during the six weeks immediately before the move to alert level 4 last month. Wage subsidy #2 will cover a two week period; $600 per week per full-time equivalent employee (20 hours or more per week), and $359 per week (less than 20 hours per week) per part-time employee.
Applications for the first wage subsidy (WSA) have now closed. If you applied for this subsidy and need wage subsidy #2, you need to agree to a different declaration. You also need to wait until two weeks after applying for WSA before making an application for wage subsidy #2.
Applications for wage subsidy #2 close on 16 September 2021. More information and a link to the application form can be found here.
Resurgence support payment (RSP)
Businesses that have had a revenue drop of at least 30% over a seven-day period compared to a typical seven-day period in the six weeks before the increase in alert level are eligible for this payment. It’s important to note that business need to demonstrate a decrease in revenue due to the alert level change, not just COVID-19 in general. The RSP must be used to help cover business expenses such as wages and fixed costs. The payment isn’t a loan and does not need to be repaid. The RSP is the lesser of:
- $1,500 plus $400 per FTE employee, up to a maximum of 50 FTEs
- four times (4x) the actual revenue decline experienced by the applicant
More information about eligibility criteria can be found here, and applications will open at 8am on 24 August 2021.
If your business does not meet the criteria for the RSP, but you’re experiencing cashflow problems, please get in touch with your Grant Thornton advisor.
Short-term absence payment (STAP)
The STAP is a one-off (once per 30 days) payment available to employers (or self-employed people) where employees are awaiting a COVID-19 test result and cannot work from home. The rate is $350 for each eligible employee.
More information about how to apply can be found here.
How to treat the resurgence payment and wage subsidy in your accounting software
We are receiving a lot of enquires about how to account for the resurgence payment and wage subsidy. Here are some key things to note:
The resurgence payment
- This is subject GST and is non-taxable income in the hands of the business
- We suggest that you create a new code in the Revenue section in your accounting system’s chart of accounts called "Resurgence Payment Received " and make it a GST code
- This payment does not get passed on to employees, it is to cover business expenseslike utilities and rent etc
- The expenses covered by the resurgence payment are not tax deductible but are subject to GST as normal
The wage subsidy
- The subsidy is not subject to GST and is non-taxable income in the hands of the employer
- We suggest that you create a new code in the Revenue section in your accounting system’s chart of accounts called "Wage Subsidy Received" and make it a No GST code
- When you start paying the subsidy amounts to employees through your payroll system, normal deductions like PAYE and Kiwisaver still need to be made
- The wage subsidy portion of your payroll is also non-deductible for tax purposes, so we recommend setting up another code to capture this portion of your wage bill. This will help you easily track how much has been paid and the balance remaining
Leave support scheme
The leave grant is available for employers (including sole traders) to pay employees who have to remain at home due to Ministry of Health guidelines (eg, have tested positive for COVID-19, have had close contact with someone who has the virus, are at higher risk of contracting the virus etc) and/or can’t work from home. The rates are $585.80 per week for FTE employees, and $350 per part-time employee.
Small Business Loan Scheme (SBCS)
The Government is now providing one-off interest-free loans for a year to SMEs impacted by COVID-19. The SBCS has been set up to support affected business’s immediate cashflow needs and for those that are experiencing loss of actual or predicted revenue. Eligible companies are those that employ 50 or fewer people, and the maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee. Repayments are not required for the first two years. Loans that are paid back within two years will not incur any interest; after that period, an interest rate of 3% for a maximum of five years will apply. Applications close on 31 December 2023. The scheme is being managed by Inland Revenue; more information about how to apply can be found here.
NZTE support for businesses impacted by COVID-19
The Government has provided New Zealand Trade & Enterprise (NZTE) with additional funding for Kiwi businesses impacted by COVID-19. Companies can apply for up to $5,000 in funding to access certain business consultancy services Grant Thornton New Zealand has been approved to provide finance and cashflow management, business continuity planning, HR, and digital enablement strategy services under NZTE’s COVID-19 support programme. We can also help guide you through the application process. More information about eligibility criteria and how to apply can be found here.
Keep in touch
We are committed to supporting Kiwi businesses through this challenging time. Our advisors can assist you with applying for any of the Government grants outlined above. We can also help you identify steps to manage your cashflow and any decline in revenue that your business is currently experiencing. For more support and insights, be sure to visit our COVID-19 resource hub.
We hope that you, your teams and other stakeholders remain well – we’re all in this together.
