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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
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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
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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.
Budget 2012: No haircuts – just wielding a finer tax toothcomb
No haircuts – just wielding a finer tax toothcomb
Any thoughts of further fundamental changes to the tax system have well and truly been put to bed by a budget devoid of any real tax substance. The headline tax change being the rise in excise duty on tobacco confirms the fact that, for now, everything major has been done.
The 2012 budget delivers only some minor adjustments to the tax scene, most of which had been signalled well in advance.
Tobacco excise will increase 10% a year on January 1 for the next four years, estimated to add more than $20 to a pack of cigarettes. Ostensibly a move to encourage people to quit smoking, it has an additional benefit of raising revenue for the government to the extent of an additional $528 million over 4 years. It is estimated that for every 10% increase in the excise tax, only 5% of smokers will actually quit, leading to a continued rise in the revenue.
The two other significant policy designs have already been released and as such is old news.
The first of these relates to closing the ability for farmers to transfer between livestock valuation methods, cherry picking the lowest valuations. It is estimated to save the government $184 million over four years.
The second has had more airplay recently. The Minister of Finance has been at pains to show the government is cracking down on tax loopholes for the rich. However, this policy was announced in last year’s budget, and has already been the subject of a discussion document.
Bach, boat, beemer in the gun
The desire is to deny deductions for expenditure related to mixed use assets, such as holiday homes, yachts and aircraft where the actual business and personal use of those assets is low, but the costs relating to the period of non-use is treated as tax deductible. This deduction is used to minimise the owners’ other tax liabilities. This is estimated to raise additional revenue of $109 million over 4 years.
The only surprise in this year’s budget was the removal of some rather inconsequential tax credits, which are considered to be out of date. That said they are estimated to raise approximately $117.1 million over 4 years. Those tax credits relate to the income under $9880, childcare and housekeeper and for the active income of children. All are considered to be out of date and superseded by other measures.
It is surprising the government did not also re-announce further items on the tax work programme which could have bolstered the perception of tax change instead of the paucity of any tax change of substance.
The one certainty that was always going to be in this budget was additional funding to the Inland Revenue Department to fund additional audit and compliance work. When the ability to raise additional taxes is low, and the growth prospects are not strong, there will always be a focus on collecting more revenue from existing legislation. For an investment of $78.4 million the government is expecting a return of $345.4 net over four years. The primary focus is intended to be the hidden economy, debt collection and following up on unfiled tax returns.
The reform of the tax system is complete, given a greater focus on ensuring the economy returns to a surplus.
Well, at least until the recovery necessitates further adjustments.
Further enquiries, please contact:
Greg Thompson
Partner, Tax
T +64 (0)4 495 3775
M+64 (0)21 281 7332
E greg.thompson@nz.gt.com