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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.
Riding the “E” wave while they sleep
The recent unexpected rise in unemployment statistics together with fiscal forecasts of a growing budget deficit reinforce the problems faced by the New Zealand Government, and those all over the world - how to obtain sufficient revenue to undertake the wide range of services expected by the voting public, and how to generate wealth for its citizens.
The plan for most countries is that economic growth solves both problems, with its citizens being gainfully employed. Unfortunately, manipulation of various economic levers has yet to have the desired effect.
The impact of e-commerce on both tax take and employment highlight the problem, but also present a possible solution.
E-commerce enables a business transaction to occur without a physical presence or event. Examples include on-line auction sites, music, book and movie downloads, and services purchases such as travel and insurance. E-commerce has huge advantages in terms of market efficiency and effectiveness, and the encouragement of entrepreneurial behaviours.
However, e-commerce compromises the principle of neutrality when considering traditional market delivery structures and taxation effects i.e. the structure and means of delivery of a business or its products should not affect the commercial and tax outcomes.
The best way of explaining the issues is through an example. If a book is sold through a shop in any main street in New Zealand, it is easy to identify who the seller is, how they connect with their market and the taxation of the transaction both through GST applying to the sales value and income tax applying to the seller’s profits.
However, if the same book is sold over the internet to a New Zealand customer by an overseas supplier, the sale is unlikely to attract income tax or GST in New Zealand (assuming the value is beneath the level applied by Customs when the book arrives in New Zealand by post). The sale is transacted more efficiently (compared with the costs of postage and delay in delivery) if the book is downloaded in electronic form and read through an electronic reader, again with no tax cost.
The direct impact of the electronic transaction is that New Zealand based jobs and associated fiscal stimulus through having a physical presence in New Zealand is removed, together with a loss of revenue with no tax being collected, a double blow for the New Zealand economy.
The issue is not new, and has been vexing the minds of the international community for some time without any obvious solutions. Generally, the focus has been on business to consumer (or B2C) transactions given that is where consumption occurs. Proposed solutions generally favour countries where the consumer is not located, for example, where a party such as eBay acts as the intermediary and can be a collector of tax on the transaction settlement. Historically this has been of little use to New Zealand which is generally an importer of e-commerce transactions to the end consumer. And with the ability for vendors to be located anywhere in the world (electronic or physical), identifying and taxing them is an impossible task.
So is there a solution, both to collect taxes and create jobs?
The adage “if you can’t beat them, join them” comes to mind as this is something which is within our control. New Zealand should become an exporter of e-commerce. Take for example our time zone advantage. New Zealand can provide services to the world while they sleep, including IT programming, advertising, design, translation services, the list is endless. All are able to be delivered remotely, supporting businesses on the other side of the world with a seamless and continuous service.
New Zealand needs to look at how it can take advantage of its ability to deliver services by remote, and thus profit from the e-commerce dilemma. We can create jobs in New Zealand and tax the profits arising from the delivery of e-commerce transactions from New Zealand.
The Government’s Business Growth Agenda delivered its report on Building Export Markets in August 2012 and has the potential to deliver the framework for impetus in this area. Critically, just as much time and effort needs to be devoted to the growth of exports as the focus on physical goods. With the potential for e-commerce transactions to explode world-wide, and the potential to access far greater markets than that of physical supplies, a “virtual” export of New Zealand to the world is waiting to be explored.
Further enquiries, please contact:
Greg Thompson
Partner, Tax
T +64 (0)4495 3775
M +64 (0)21 281 7332
E greg.thompson@nz.gt.com