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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
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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
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Raising finance
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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
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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.
NEST egg tax: Budget 2016 - change taxing of super schemes
The introduction and success of KiwiSaver has undoubtedly helped New Zealanders save more effectively, but it won’t be enough to ensure that participants in the scheme will be comfortable when they retire. People are living for longer and the status quo isn’t going to cut it for future generations.
Many Kiwis are currently relying heavily on the value of their home (often their only key asset) and NZ Super to fund their retirement. The rapid rise in residential property values means that the ideal of owning a home is becoming a mere fantasy for many. Home ownership is at its lowest in 50 years at just under 65%, and it’s expected to decline further.
To ensure future generations have sufficient investments to fund their retirement lifestyle, bold decisions are required in this year’s budget and beyond.
A key area that deserves some serious attention is making employee contributions and investment income accrued within the fund exempt from tax.
This isn’t outrageous in any sense of the word when you look at other countries’ approaches to superannuation. Many countries offer tax incentives for retirement savings by exempting contributions, exempting investment income generated and taxing future payments – otherwise known as EET. It encourages active saving while significantly increasing an individual’s nest egg.
New Zealand, on the other hand, opts for a TTE approach. Contributions are taxed on the way in and investment income is taxed as it is earned, while subsequent payments are exempt from further tax. To put the impact of these two regimes into context, consider the following: you invest $100 in a retirement fund for 50 years at 6% nominal return with a marginal rate of say, 30%. If tax doesn’t accrue on the investment income and is only applied on withdrawal, the after tax result is $1,319. However, under New Zealand’s current system, investment income is taxed as it is derived, but not on withdrawal; which reduces the amount to $782. This significant drop in ROI highlights the punitive nature of our current system.
Given the adverse tax outcome that the TTE approach delivers, there is no real surprise that those who have funds often invest them in the housing market. The generous tax treatment of housing relative to other investments compounds the housing problem and promotes investment in less productive areas of the economy.
Clearly an EET tax system would provide massive benefits for individuals. It would create greater wealth and less reliance on the state for assistance in later life. An increase in savings better employed would also lead to wider economic benefits such as greater access to capital, job creation and greater productivity, which in turn would reduce our reliance on overseas borrowing.
Of course there’s an immediate cost as any decrease in taxes will reduce the revenue intake for the Government. It is unlikely that this cost could be replaced without generating the revenue from somewhere else.
There is no doubt that taxes distort decision making – so why not modify the tax system to encourage investment into more productive areas?
Further enquiries, please contact:
Dan Lowe
Associate, Tax
Grant Thornton New Zealand
T +64 (0)9 308 2531
E dan.lowe@nz.gt.com