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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.
COVID-19: hidden gems for some businesses in Government’s economic rescue package
Ten years ago, Rt Hon Bill English removed the ability for some businesses to claim depreciation deductions on buildings in his May 2010 Budget. Fast forward to 2020 and the world is in a very different place.
The impacts of the economic response package on accounting standards and annual accounts will be the last thing that businesses are thinking about at the moment. But these impacts could be significant and hugely positive according to Grant Thornton New Zealand.
“In the mysterious world of accounting standards, entities have to account not only for their current tax obligations, but also for something that is known as deferred tax”, says Don MacKenzie, Tax Partner at Grant Thornton New Zealand.
“Deferred tax can either be an asset or a liability. When depreciation was removed from buildings, for some it resulted in large deferred tax liabilities on the balance sheets of businesses that owned buildings. It also created a large one-off increase in tax expense which reduced accounting profit.
“As this was just an accounting entry no actual tax was paid – but increased tax would be paid over the life of the building as the tax deduction for depreciation had been removed. The large accounting adjustment takes into account that more tax would have to be paid in one go all upfront”, says MacKenzie.
As part of the Government’s COVID-19 economic response package announced on Tuesday, deductions for depreciation on industrial and commercial buildings have been reintroduced from the 2021 income year onwards. This will mean from 1 April 2020 most businesses that own buildings, will be able to once again deduct depreciation. Some businesses may already now be able to deduct depreciation, depending on their balance date.
MacKenzie says, “This is good news for Kiwi businesses that own commercial buildings; they will be able to claim depreciation when calculating their income tax, and will therefore pay less tax which will ease some of the pressure from the COVID-19 pandemic.
“And for some there’s a second hidden gem in those mysterious accounting standards.
“Ten years ago, businesses took a large one-off hit to accounting profit and a reduction to their net assets. As of Tuesday, they have the opposite. There will likely be a one-off increase to their accounting profit and an increase in net assets due to the reversal of the deferred tax liability that has been recognised on buildings that have an economic life of 50 years or more.
“Even though this change is spread over future years, the benefit is recognised in one go upfront. And this could even be the case for accounting periods that have finished but have not been signed off - for example, 31 December 2019 - as the accounting standards impose a disclosure requirement where the effect of applying changes that have been announced but not yet substantively enacted is expected to be significant.
“It may mean for instance that some companies will stay solvent. That’s because the test of solvency is that assets exceed liabilities and liabilities have been decreased as a result of the Government announcement. This increases the ability for company directors to do certain things like pay dividends, consolidate entities and the like.
“It may also mean that some businesses will continue to meet their banking covenants for longer,” says MacKenzie.
For further enquiries, please contact:
Don MacKenzie
Partner, Tax
Grant Thornton New Zealand
T +64 21 221 3275
E don.mackenzie@nz.gt.com