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Compliance and audit reviews
From mandates, best practice procedures or accreditations, to simply gaining peace of mind, our technical and industry experts have you covered.
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External audit
Strengthen business and stakeholder confidence with professionally verified results and insights.
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Financial reporting advisory
Deep expertise to help you navigate New Zealand’s constantly evolving regulatory environment.
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Corporate tax
Identify tax issues, risks and opportunities in your organisation, and implement strategies to improve your bottom line.
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Indirect tax
Stay on top of the indirect taxes that can impact your business at any given time.
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Individual tax
Preparing today to help you invest in tomorrow.
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Private business tax structuring
Find the best tax structure for your business.
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Tax disputes
In a dispute with Inland Revenue or facing an audit? Don’t go it alone.
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Research & development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
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Management reporting
You’re doing well, but could you be doing even better? Discover the power of management reporting.
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Financial reporting advisory
Deep expertise to help you navigate New Zealand’s constantly evolving regulatory environment.
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Succession planning
When it comes to a business strategy that’s as important as succession planning, you can’t afford to leave things to chance.
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Trust management
Fresh perspectives, practical solutions and flexible support for trusts and estate planning.
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Forecasting and budgeting
Prepare for every likely situation with robust budgeting and forecasting models.
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Outsourced accounting services
An extension of your team when you need us, so you can focus your time, energy and passion on your business.
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Setting up in New Zealand
Looking to set up a business in New Zealand? You’ve come to the right place.
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Policy reviews & development
Turn your risks into strengths with tailored policies that protect, guide and empower your business.
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Performance improvement
Every business has untapped potential. Unlock yours.
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Programme & project management
Successfully execute mission-critical changes to your organisation.
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Strategy
Make a choice about your vision and purpose, where you will play and how you will win – now and into the future.
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Risk
Manage risks with confidence to support your strategy.
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Cloud services
Leverage the cloud to keep your data safe, operate more efficiently, reduce costs and create a better experience for your employees and clients.
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Data analytics
Use your data to make better business decisions.
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IT assurance
Are your IT systems reliable, safe and compliant?
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Cyber resilience
As the benefits technology can deliver to your business increases, so too do the opportunities for cybercriminals.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Virtual CSO
Security leadership and expertise when you need it.
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Debt advisory
Raise, refinance, restructure or manage debt to achieve the optimal funding structure for your organisation.
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Financial modelling
Understand the impact of your decisions before you make them.
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Raising finance
Access the best source of funding for your business with a sound business strategy and rigorous planning.
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Business valuations
Valuable decisions require valued insights.
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Complex and international services
Navigate the complexities of multi-jurisdictional insolvencies.
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Corporate insolvency
Achieve fair and orderly outcomes if your business – or part of it - is facing insolvency.
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Independent business review
Is your business viable today? Will it be viable tomorrow? Give your business a health check to find out.
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Litigation support
Straight forward advice from trusted advisors to support litigation and arbitration matters, expert determinations and other specialist hearings.
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Business valuations
Valuable decisions require valued insights.
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Forensic accounting & dispute advisory
Understand the true values, numbers and dollars at stake, as well as your obligations and rights to ensure value is preserved and complexities are managed.
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Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
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Investigation services
A fast and customised response when misconduct occurs in your business.
Budget 2013: Another chance to improve KiwiSaver
Another chance to improve KiwiSaver
Since conception, KiwiSaver has gone from strength to strength. Any initial hesitation has been replaced, on the most part, with acceptance. The latest figures show two million New Zealanders are now signed up – a fantastic uptake.
The latest KiwiSaver Performance survey from Morningstar showed that funds have grown from $954.10 million as at 30 June 2008 to $14.48 billion as at 31 March 2013. And on top of this, investment funds have been performing especially well over the last 12 months. Growth has been remarkable, but we have a long way to go yet.
While the recent 1% increase of the minimum contribution to 3% is a positive step in the right direction, this rate needs to be much higher. The upcoming budget is the perfect opportunity for the Government to further increase this minimum contribution to ensure future generations will be comfortable in their retirement.
A recently released Infometrics report commissioned by the Financial Services Council (FSC) has shown that if 80% of the workforce was contributing to KiwiSaver, and if this contribution was increased to 10% (5% by employees and 5% by employers), the KiwiSaver fund would grow from its current level of $14.48 billion to $731 billion by 2066. This would have a fantastic effect on New Zealand’s economy, productivity and our capital and job markets.
Australia is way ahead of us in their retirement scheme. Australian employers currently contribute 9% and this is increasing to 12% by 2020. This is smart and New Zealand needs to follow their lead – the sooner the better.
The Infometrics report also found that if contributions were increased to 10%, those starting work today would get twice the pensions they would be entitled to currently from NZ Super when they retire.
Only 9% of New Zealanders believe that NZ Super alone will be sufficient for them to live on when they reach retirement, according to a Horizon Research survey released by the FSC.
And this majority is right - the current entitlement of approximately $13,000 to $18,500 per annum would barely cover most people’s essential household expenses.
Demographic changes show that people are living longer and are more active in their retirement. As these changes continue, a much bigger nest egg will be required to fund these lifestyles.
While everyone’s needs and requirements are different, a typical rule of thumb is that people should look to have a post retirement income at a level of 70% of their pre-retirement income, if they want to maintain a similar lifestyle.
The bottom line is, that to be comfortable in retirement, every New Zealander needs to be saving roughly 10% of their income. And while some people will achieve this across a range of measures, the majority are unlikely to do so without Government intervention.
Hopefully this year’s budget results in further improvements to the KiwiSaver scheme. While it’s unlikely there will be an increase to 10%, any small increase will be another step in the right direction.
For further information please contact:
Roger Sutherland
Director, Grant Thornton Wealth Management Limited
T +64 9 308 2570
E roger.sutherland@nz.gt.com