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New regulations are changing how some incorporated societies report their finances. The Incorporated Societies Act 2022 replaces the 1908 Act, marking the first major overhaul in more than 100 years.

Without a dedicated CFO or finance team, how does a New Zealand business manage day-to-day accounting, stay compliant, identify opportunities for growth and mitigate risks? The answer for many is virtual CFO (vCFO) services.

Inland Revenue has issued an open submission to reduce the complexity of compliance with fringe benefits tax (FBT) - a welcome move toward modernising the regime and addressing long-standing complexity, particularly around motor vehicles and minor benefits.

Reporting changes have been introduced for not-for-profits (NFPs) reporting under the Tier 3 and Tier 4 frameworks, and are effective for periods beginning on or after 1 April 2024 for the year ending 31 March onwards.

Only 5% of businesses have cyber insurance, even though everyone is at risk of a cyberattack – and the cost of an incident can sink your entire organisation.

You’ve been working hard your whole life, and you’ve built up assets that are worth protecting: a profitable business, a portfolio of investments, and a good reputation. But, can you turn that success into generational wealth?

Diversity in all its forms benefits businesses, driving innovation, fresh perspectives, and new growth opportunities. In today’s fast-paced global market, a broad range of viewpoints helps businesses better analyse challenges and adapt to change. Likewise, diversity is essential for attracting both top talent and clients.

Whether you’re a vendor or a purchaser considering consolidation as a viable option for your brokerage, there are industry-specific challenges and considerations you’ll need to overcome to deliver successful outcomes beyond the completion of the transaction.

You have completed your due diligence, signed all the paperwork, and have officially acquired an entity or a business. You might think all the hard work is done, but accounting for it may be harder than you think. Here’s some key questions you need to consider.

Service reporting is all about your non-financial performance – the data that showcases the most meaningful parts of what your entity does. The standard is designed to help everyone see the fantastic work your charity is doing, and you might be surprised at the potential benefits of non-financial reporting. This service report tells all of your stakeholders:

New Zealand company tax changes mean that unused tax losses, previously lost following more than a 49% change of business ownership, may now survive. This means that while any existing tax losses for a sale above that threshold could previously be ignored during M&A negotiations, buyers and sellers should now consider potential price impacts when such losses exist.

The US is the bastion of capitalism – and yet it is committing to building a greener, more sustainable future. It has recently done something revolutionary, investing in transforming its economy for the better. Biden’s signature piece of policy, the Inflation Reduction Act of 2022, is a powerful tool for positive change. It provides $500 billion in new spending and tax breaks that will boost the green transition, encourage investment in R&D, and support its manufacturing and agricultural sectors.

In February we launched a bi-annual research initiative to track business sentiment and explore where New Zealand businesses are succeeding, and where they’re feeling pain.

Sustainability is a business imperative: Embrace it or fall behind

Included in this year’s budget announcements was a change to the tax rate for trusts, moving from 33% to 39% from 1 April 2024. Given the spotlight on trusts in recent years, the hike has not come as a surprise, however it will come as a shock to many Kiwis.

Exporting your goods or services can have enormous benefits. For the business itself, there’s the increased revenue, plus the growth opportunities and the way it can drive up the business’s value. For our wider economy, it creates jobs, upskills our people, improves our productivity and helps us learn from international markets to improve our own practices.