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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
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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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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
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Business architecture
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Cloud services
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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
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Project assurance
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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.
Residential property tax changes: How much will you pay?
23 Mar 2021In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021:
- An extension of the bright-line test from five to ten years
- A new change of use rule
- Removal of interest deductions from residential property
Impact on current owners of residential investment property
A five year bright-line test will continue to apply to property purchased before 27 March 2021. Existing exemptions from the bright-line test for a ‘main home’ continue to be available for properties that are the main home of the person or a beneficiary of a trust that owns the property. The new ‘change of use’ rules will not apply to these properties, and the main home exemption will continue to apply in full where a property has predominantly been used as a main home over the time it has been owned.
However, interest deductions will be gradually phased out for current residential investment properties from 1 October 2021 and over the following four income years. As taxable income is calculated based on income minus allowable deductions, where allowable interest deductions are limited by the application of the new rules, property investors may find that their taxable income (and consequently their tax bill) will increase annually over this period. No interest deduction will be available after 1 October 2021 on debt raised after 27 March 2021 in relation to existing residential investment property (for example, maintenance, capital expenditure etc).
Property owners should be aware that additional tax will need to be met from their cash resources (or by raising debt if necessary). Obligations or entitlements for student loan repayments, child support payments, or working for families may also be affected by this change.
Residential investment property purchased on or after 27 March 2021
These properties will be subject to taxation under the bright-line test if they are sold within 10 years. A five year bright-line test will apply to property which is designated a ‘new build’.
Properties purchased on or after 27 March will be subject to new ‘change of use’ rules. If a property has not been used as a ‘main home’ for more than 12 months at a time, it will be subject to ‘change of use’ and the owner will be required to pay income tax on a proportion of the profit made through the property increasing in value.
For residential investment rental properties purchased after 27 March 2021, interest deductions will be available up until 1 October 2021, and no further deduction will be available after that date.
Property developers who pay tax on the sale of property will not be affected by this change, and will can continue to claim deductions for interest expenses incurred in deriving taxable income from their development activities.
Changes relating to interest deductibility are still under consultation, and could arise until the legislative process is complete.
It’s important to note that this information above is does not address all details of application or exemptions. Your Grant Thornton advisor can help you understand how these changes will affect any residential properties you own and keep you advised of any updates which may affect you.
