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
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Complex and international services
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Corporate insolvency
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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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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
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Relationship property services
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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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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
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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
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
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
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
Consulting is a multi-disciplinary team, delivering a range of expertise including internal audit, risk management, IT advisory, project assurance, and...
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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
Our team is led by cloud business experts who tailor services to the needs of your organisation, from strategy and implementation to ongoing services assurance.
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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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Organisational & cultural change
The key to sustainable and future growth is a unified organisation operating within a strong cultural context, where transparency and communication are the priority for Kaimahi, and where visible leadership means walking the talk – but where does that journey begin?
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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
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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.
If you're a Chinese company aiming to invest or establish operations in New Zealand, or you’re a Kiwi business wanting to do business in China, our Asia...
Our unique offering to the financial services sector may be the catalyst you need to take your business forward, safely and prosperously.
We understand the core issues in the health and aged care sector, and the delicate balance between mission purpose, service delivery and standards, and...
At Grant Thornton we have an inherent understanding of traditional and digital media and entertainment businesses, and an ability to spot potential issues and...
Grant Thornton understands the commitment and scrutiny within the NFP sector we offer innovative solutions to help you develop new skills and open up sources...
Grant Thornton actively works with professional services firms, and their Partners and stakeholders to ask the hard questions, and deliver value added...
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Our dedicated public sector advisory works with all types of agencies, including central and local government, Crown Entities, State Owned Enterprises...
Sustainability and impact
Initially touted as a “no frills” budget, this year’s announcement largely lived up to that expectation, with few surprises or major initiatives included.
Contents
While there seems to be an appetite amongst many of our country’s leaders for more fundamental tax changes, these are likely to become major election topics later in the year, giving voters a greater chance to dictate the direction of our nation’s tax policy.
Trustee tax rate
The main tax headline for Budget 2023 is a move in the trustee tax rate, from 33% to 39%, with effect from 1 April 2024.
Finance Minister, Hon Grant Robertson described this move as closing a “loophole” by aligning the trustee tax rate with the top personal marginal rate. He went on to say this is an integrity measure, preventing higher income earners from using trusts to minimise tax liabilities, adding that 78% of New Zealand’s trust income, is earned by only 5% of trusts.
For the remaining trusts registered in New Zealand (approximately 380,000) many of which are small family trusts, this will feel like a significant tax increase. Trusts with beneficiaries earning less than the top personal income band of $180,000 will now have a tax incentive to distribute income annually to beneficiaries, and pay tax on that income at their lower personal rates.
There are two minor exceptions to this new higher rate. For estates where the assets are distributed within 12 months of the date of death, and for trusts established for the benefit of disabled persons, the trustees will be able to apply the beneficiary’s marginal rate to the trustee income.
Game developer’s rebate
A rebate based on 20% of eligible expenditure for game developers is an incentive that has been lobbied for by the industry. The Government’s implementation of this is likely a response to similar schemes in Australia. This is a lucrative and growing industry in New Zealand, and the Government wants to ensure that we continue to be an attractive location for these companies to operate.
Cost of living package
As expected, a large focus of this budget was around the financial pressures being faced by New Zealanders in their day-to-day living costs. Initiatives in this area included:
- extra funding for early childhood educators and for ECE and care service teachers
- extending 20 hours free childcare to two-year olds
- adding Kiwisaver payments for those on paid parental leave
- free or half price public transport for younger New Zealanders
- continued funding for free lunches in schools
- scrapping of the $5 prescription fee on publicly funded medicines.
- more money for Warmer Kiwi Homes, which subsidises heating, insulation, water heating, and lighting for many NZ homes.
Other key highlights
A few of the other areas where the Government is committing to allocate money under this budget package include:
- Cyclone recovery: Additional funds for the previously announced recovery package.
- Infrastructure and housing: Including committing to an additional 3,000 more public housing places by June 2025.
- Science and technology: Including three research and technology hubs in Wellington.
- Climate: $1.9b from the Climate Emergency response fund will be spent on various initiatives related to emissions reduction or climate change adaptation measures.