Every organisation faces unique challenges throughout the business lifecycle. We understand the factors that govern growth and profitability and can tailor our...
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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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Does your tax bill get the same attention as your cost of sales or salaries and wages? Tax rates might be fixed but the rules and the risks aren't.
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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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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
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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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Transfer pricing
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Our experts have extensive experience in audit and assurance and produce outstanding work for leading New Zealand organisations in both the public and private...
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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
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Cloud services
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Internal audit
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IT advisory
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IT privacy and security
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Organisational & cultural change
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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
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Process improvement
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Procurement/supply chain
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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.
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Our unique offering to the financial services sector may be the catalyst you need to take your business forward, safely and prosperously.
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Sustainability and impact
FAST FACTS
Summary: Budget 2022
20 May 2022Budget 2022: A secure future
As expected, the cost of living and impacts of increasing inflation were high on the agenda in this year’s Budget.
Key highlights and initiatives
Business growth fund
The Government plans to invest $100 million over the coming year to establish a business growth fund. The fund will acquire minority shareholdings in small and medium-sized businesses that want extra funds to expand. As an active investor in small businesses, it will also provide wrap around support and networking opportunities, as well as access to growth capital.
If banks consider equity finance to be more appropriate than debt finance, they can refer businesses to this fund.
Minister for Small Business, Stuart Nash said the concept behind the business growth fund, which will see the Government invest in small businesses alongside banks, has been tried successfully in the UK, Canada, Ireland and Australia.
Housing
House price caps will be abolished for first home loans.
House price caps on first home grants have been increased in most major cities including Auckland, Hamilton, Tauranga, Wellington, Christchurch and Queenstown.
An affordable housing fund will be established to help those who can’t access public housing. Housing Minister, Megan Woods says the $350 million fund will leverage partnerships with investors, philanthropic organisations, developers, and the affordable housing sector to expand the range of housing options for people whose needs are not currently being met by the market.
The first stage of the fund would offer $50m worth of grant funding to not-for-profit organisations to deliver affordable rental housing in Auckland, Tauranga, Rotorua, Napier/Hastings, Wellington and Nelson/Tasman
Health
With the establishment of Health NZ and the Māori Health Authority, the single biggest year-on-year boost to health spending has designated an extra $13.2 billion over the next four years. Specific areas for these funds include:
- about half a billion to pay down DHB deficits as they are moved into the nationalised models
- $76m over the next four years to boost the primary healthcare workforce by thousands
- new health commitments including a boost in funding for Pharmac, new paramedics, ambulances and emergency helicopters
- increased funding for community healthcare
- increasing the level of MSD dental grants from $300 per person to $1,000
Transport
Fuel tax cuts of 25c per litre and half-price public transport which were introduced earlier this year in response to sky-rocketing fuel prices have been extended for a further two months, taking them through to August 2022. Discounts to diesel road user charges have also been extended for the same period
Cost of living payments
The headline grabbing announcement for this year’s Budget is a one-off cost-of-living payment to be made to New Zealanders who earned an annual income last year of less than $70,000. This will be a total tax-free payment of $350 per person split between three monthly instalments, and paid automatically by IRD, starting in August. The Government believes about 2.1 million people will receive the cost-of-living payment.
To be eligible for this a person must:
- be over 18 years
- have earned less than $70,001 in the 2021/22 tax year.
- not be receiving a main benefit like the jobseeker allowance or superannuation.
- not already be eligible to receive the winter energy payment (which is higher for an individual ($450), or the same ($700) for a couple).
Living costs
- 26,500 more insulation and heating retrofits will be provided for low-income homeowners through the extension of the Warmer Kiwi Homes programme.
- New legislation going through the House urgently intends to "remove barriers" to new retailers entering the grocery market. The Minister states that the new rules will stop supermarkets from blocking competition accessing land to open new stores.
Treasury predictions
Treasury release a range of economic predictions alongside the Budget every year. Most notable among this year’s predictions are:
- Inflation is forecast to peak around 6.9% in the middle of this year before easing to 5.2% in 2023 and dropping to below 3% by 2026
- Unemployment dropping down to 3% in 2022, before slowly starting to grow again towards 4.8% by the end of 2025
- High wage growth through 2023, so much so that wages will once again grow faster than costs from early 2023. They have been growing slower since the September quarter last year. This statement is qualified by an expression of uncertainty about the ongoing worldwide inflationary pressures arising from the Russian invasion of Ukraine
- House prices are forecast to drop by 2.5% in 2023, after an estimated rise of 5.8% this year. The forecast then sees a 0% change in 2024, before it increases by 1.7% in 2025 and 1.9% in 2026
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