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Privy Council confirms directors’ duties are still owed for insolvent companies

When uncertainty is the new normal, standing still isn’t an option. From cashflow management to supply chain, when major events or market changes cause disruption, it’s critical that organisations continuously strategise against their unique level of vulnerability in order to keep moving forward.

Grant Thornton New Zealand is delighted to announce the appointment of three new partners who have been active participants and influencers in the NZ cloud market for over a decade.

For well over 100 years the Incorporated Societies Act 1908 has enabled community related organisations to become incorporated for a wide variety of purposes. However, this Act is now outdated and deficient in many respects.

Our summary of the key facts that are relevant to you and your business.

Our industry experts weigh in on what Budget 2021 means for certain sectors as well as New Zealand’s tax landscape.

At a time when we need a once in a century Budget to lift us out of our Covid recession, the Government’s response to stimulating growth and investing in critical areas under stress has never been more important.

The economic impacts of COVID-19 will continue to persist well into 2021. Our borders remain substantively closed and the nationwide roll out of a COVID-19 vaccine is yet to commence in New Zealand. This means that teams which perform inhouse impairment testing need to consider how the ripple effects of the pandemic will influence their financial statements over the next 12 months.

If you think the rental crisis doesn’t affect you, you’re wrong. Maybe you think you’re not affected because you own your own house, and you’re not a landlord. Wrong. New Zealand’s rental crisis isn’t only causing homelessness and poverty, it’s dragging down wages, stifling innovation and suppressing productivity for the whole country.

In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021.

The number of women holding senior leadership positions in mid-market businesses globally has hit 31% despite the COVID-19 pandemic affecting economies around the world, according to Grant Thornton’s annual Women in Business report.

New Zealand needs more houses. Yet despite the simplicity of that goal, it's been impossible to keep up with demand. This problem has persisted through both National and Labour Governments – several of each. As much as we might tinker around with the demand side of the equation, putting LVR restrictions up and down and tweaking interest rates, the gravity of the problem clearly lies with the supply side and our mindsets.

A major change has been made to how NFPs can claim GST credits on their assets.

As the nation forges a brave new world in the midst of a global crisis, this year’s Budget announcement will remain among the most significant ever delivered in New Zealand’s history.

Last year this Government delivered its first fiscal plan – the Wellbeing Budget. Fire up the money cannon, because 2020 is going to be the year of the Recovery Budget.

The COVID-19 tax measures should help businesses when they are hurting now. So why not allow businesses to carry their losses back instead of forward?