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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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Forensic and investigation services
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Independent business review
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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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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
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Corporate tax
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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
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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 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
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
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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
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Process improvement
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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.
Budget 2015: child poverty – how can it be in a land of milk and honey?
Child poverty – how can it be in a land of milk and honey?
Recent announcements by the Green Party and Prime Minister John Key around child poverty in New Zealand are still just tinkering around the edges and not targeting the core of the problem.
Education is key. It’s a simple solution that will open fresh opportunities for the next generation of New Zealanders. The current school system is failing New Zealand children:
- 25% of children leave school in New Zealand with no achievement standard - that’s 15,000 per year
- 52% of Maori leave school with achievement standards of level 2 or below
While the figures quoted about the levels of child poverty in this country wildly vary - from 60,000 to 260,000 in the last week - there is no doubt that New Zealand has a child poverty problem that’s not getting any better.
UNICEF stated that in 2014, 22% (or 230,000) Kiwi children under the age of 18 were living in poverty. The 2014 Child Poverty Monitor (a collaboration between the Children’s Commissioner, JR McKenzie Trust and Otago University) determined that 24% (or 260,000) Kiwi kids live in poverty.
The OECD child poverty rate is defined as the share of children living in households with equalised disposable income of less than 50% of the median for the total population. In 2014 the New Zealand gross disposable income for the year was $46,914.
Are these figures hard to believe? Absolutely. Especially considering that 50 years ago we were rated as having one of the highest standards of living in the world.
The Prime Minister has indicated that there will be something in the Budget to address child poverty but admitted that there is not a lot of scope due to the tight economy.
The Greens’ suggestion is to encourage young people to save by giving each new born a $1,000 account then matching it up to $200 a year with money invested in that account. Yes, it will mean that at aged 18 the account could be in excess of $10,000, but how will that help long term? Very little, unless it is invested into some form of education or skills training. And we already have a student loan scheme, so realistically the money will more often than not end up going towards a car, holiday, new phone and the like and not invested in Kiwisaver or property as the Greens would like.
For all of our wealth in natural resources, especially water, New Zealand is a low-income country. We may be the food bowl of the South Pacific, but we are predominantly primary producers that add very little value – milk powder and forestry being two particular examples.
What New Zealand needs is more high paying jobs, but to achieve this we need higher educational standards. There are too many families dependant on low-income jobs, if indeed they are working. Fifty per cent of households in which no one works are poor. If one person is working the poverty rate falls to 19% and to 4% if two or more people work. Research indicates that a parent obtaining full time paid employment with sufficient earnings is the most important contributor to lifting children out of poverty.
And this shouldn’t be the responsibility of the Government alone. There needs to be a co-ordinated approach between Central Government, Local Government, Iwi, Pacifica, Social Service providers, businesses, industry training organisations and communities to deliver up well-paying job opportunities, especially in the regions.
This will not be a one-Budget wonder. Not only is there the question of child poverty, but there also needs to be a regional focus. What is required in Taranaki, with its oil industry and high paying jobs, will be totally different to Poverty Bay where there are less than 100 jobs paying over $100,000 in the entire province – less than a large technology company, law firm or accountancy firm.
It is a problem and it’s not going to go away. So we need the Government et al to step up put and some positive plans in place to start New Zealand on our way back to the overall standards of the 1950s and 1960s.
Further enquiries, please contact:
Peter Sherwin
Partner, Privately Held Business
Grant Thornton New Zealand
T +64 (0)4 495 3777
E peter.sherwin@nz.gt.com