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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.
Budget 2012: Tax changes at a glance
Tax changes at a glance
More funding for Inland Revenue
Today’s budget provides a tick of confidence for the Inland Revenue with an extra $78.4m of funding over the next 4 years to be used to extend its successful tax compliance activities in dealing with the hidden economy, debt collection and taxpayers who have not filed their returns.
This Funding is in addition to the $119.3m awarded to IRD in the 2010 budget and the government has acknowledged the encouraging return that has already been seen on that earlier investment. The extra compliance activities in Budget 2012 are estimated to have a net positive impact of $345.4m over the next 4 years.
Clearly the government wishes to tighten the screws a little further and in doing so is sending a signal to the majority of taxpayers who already meet their tax obligations voluntarily that it will not turn a blind eye to those ripping off and undermining the integrity of the tax system.
Measures to raise revenue and increase fairness
Three tax areas have been targeted for change:
Assets that are partly used for private purposes and partly for income producing purposes will be subject to tighter restrictions on the deductibility of costs.
These measures are specifically targeted at taxpayers who are offsetting holding costs on assets such as holiday homes, planes, and boats. Under current rules the costs associated with these assets are tax deductible against income derived from renting the assets out and often the net result is a tax loss which is offset against other income.
Today’s announcements will limit the deductions available for these types of assets and these changes are expected to save $109m in revenue over 4 years. The changes will also improve the perceived fairness of the tax system.
Changes to the livestock valuation rules to prevent farmers who change valuation schemes from getting an unintended tax break. This change is expected to prevent a $184m fall in revenue over the next 4 years.
Removing a range of tax credits including the childcare and housekeeper tax credits, the under $9,880 tax credit as well as the tax credit for the active income of children.
These credits are no longer seen as fit for purpose due to other initiatives such as working for families and the 20hrs per week childcare subsidy. The removal of these tax credits will save $117m over the next 4 years.
Tobacco excise to rise 10% per annum
Excise tax on tobacco will rise 10% on 1 January each year for the next 4 years. This will be in addition to any inflation adjustment to the excise tax and is also in addition to the 40% increase in excise since April 2010.
These measures are aimed at improving the health of New Zealanders and reducing the long-term burden on the health system and to assist in the Government’s goal of making New Zealand smoke free by 2025.
KiwiSaver changes
KiwiSaver fund managers will be required to report their performance and returns including their fees and costs via a standardised report on their websites. This will assist investors to make investment judgements and comparisons between funds
The government will also review the rules and arrangements of KiwiSaver default providers. Currently there are 500,000 New Zealanders with default funds. This review is designed to ensure the best results can be achieved for investors in default funds and this review will occur before the term of the six current default providers ends at 30 June 2014.
Government’s plan to look at auto enrolment for KiwiSaver (being the automatic enrolment of workers not already in KiwiSaver) will be deferred until such time that sufficient surpluses exist to fund the estimated $514m four year cost.
The employee minimum contribution to KiwiSaver will increase to 3% (from 2%) at 1 April 2013 as previously announced in 2011 Budget changes.
Student Loans
Student Loan repayment rates for all New Zealand based borrowers will increase from 10 cents to 12 cents in the dollar (where income is over the repayment threshold). This will save $184.2m over 4 years.
The definition of income for student loan repayment purposes will be broadened, meaning more repayments will arise. This will save $3.1m over 4 years.
The voluntary repayment bonus will be removed saving $43.5m over 4 years.
Inland Revenue and Customs will have new information matching procedures to identify defaulting borrowers.
Students will be limited on the number of courses which they can borrow for in one year.
Parental income thresholds will be maintained at current rates until 31 March 2016, saving $12.7m over 4 years.
Eligibility for student allowances will be removed for postgraduate study, saving $33m over 4 years.
Innovation
There are no tax incentive announcements on innovation, science and research.
However, direct funding has been allocated to these areas on a range of fronts including $159m to strengthen tertiary education of which $42m is allocated engineering, $17m for science, and a further $100m towards the $200m already allocated to the Performance-Based Research fund.
Further enquiries, please contact:
Murray Brewer
Partner, Tax
T +64 (0)9 308 2570
E Murray.Brewer@nz.gt.com