Clear and Practical Tax Advice
Our tax team provide clear, practical and timely advice on all areas of taxation. We offer a tax help or ‘just checking’ service for routine queries through to detailed tax opinions on more complex issues.
We are happy to provide fee estimates before commencing any work to avoid any unnecessary surprises. We have a reputation for providing pragmatic solutions to complex tax problems and don’t shy away from providing an opinion on an issue.
We have particular expertise in providing advice in the following areas:
- Minimising and streamlining tax obligations and helping businesses mitigate exposure to IRD penalties.
- Determining appropriate structures for business transactions including cross border trading.
- Land transactions including tainting issues for associated persons.
- GST issues for domestic and overseas clients including zero rating of land transactions.
- Bodies corporate and GST registration.
- Taxation of overseas investments including Foreign Investment Funds, Controlled Foreign Companies, interests in offshore limited partnerships and similar entities.
- We have expertise in dealing with foreign superannuation scheme interests including transfers and lump sum withdrawals.
- Issues relating to trusts and other financial or investment structures.
- Winding up entities including amalgamations, consolidations and liquidations.
- Business restructures including mergers, share repurchases, entry and exit of shareholders and accessing tax free capital gains.
- Buying and selling businesses.
- Binding rulings – preparation or review of IRD’s binding rulings.
- Tax due diligence for share acquisitions.
- Expert witness engagements.
- Advice to insurers regarding professional indemnity claims.
Inland Revenue Dispute Resolution
Our team has vast experience in dealing with IRD audits and resolving issues through the tax disputes process. Some of our staff have worked in senior roles with IRD prior to joining nsaTax and know what it’s like to be on the other side of the fence. Our strong technical knowledge enables us to determine whether or not taxpayers have taken correct tax positions and whether IRD are correct in its interpretation of the tax laws.
Unfortunately we often find that taxpayers’ rights can be overlooked by IRD investigators and we find ourselves having to keep the IRD honest. For example, you can’t always rely on IRD investigators to identify when tax assessments are subject to the time bar which prevents IRD from amending the assessment to increase the amount of tax payable. We have attended a number of IRD raids and provided advocacy services for affected clients in highly stressful situations.
As we deal with such a large number of accounting firms we can quickly identify current areas of IRD audit focus and common areas of non-compliance.
We have the skills and experience required to manage tax disputes and have a proven track record in negotiating good tax outcomes for our clients.
In our experience, tax disputes are not for the DIY enthusiast and are best left to the experts. There are minimum requirements for tax dispute documents such as Notices of Proposed Adjustment, Notices of Response and Statements of Position and strict timeframes for filing these documents. Failure to meet these requirements and timeframes can be costly.
During our 21 years in practice we have developed a good working relationship with IRD through regular representations made on behalf of clients. We are very experienced in facilitating voluntary disclosures to IRD where taxpayers have been non-compliant. We use our best endeavours to minimise the tax shortfall and any shortfall penalties. We utilise tax pooling intermediaries to reduce use of money interest costs.
We regularly review taxpayer’s affairs to identify any areas of non-compliance when IRD audit or risk review letters are received and recommend whether any voluntary disclosures should be made to mitigate any shortfall penalty exposure.
We have represented taxpayers in challenge proceedings before the Taxation Review Authority and the High Court.
International Tax Solutions
We have considerable expertise advising on tax residency issues for individuals migrating to or from New Zealand. There are often limited windows to undertake pre-migration tax planning, particularly for returning residents who do not qualify for the transitional residents exemption. We are also experienced in the interpretation and application of New Zealand’s double tax agreements. The articles in a double tax treaty override the domestic laws of the contracting States therefore it is paramount to consider the relevant tax treaty provisions when providing advice.
We regularly advise New Zealand residents on the taxation of overseas investments which often touch on the more complex areas of the Income Tax Act such the CFC and FIF regimes and the Financial Arrangements rules. New Zealand has robust international tax regimes applying to New Zealand residents with interests in overseas entities such as companies and unit trusts.
We often see overseas entities which are fiscally transparent in an overseas jurisdiction such as LP’s, LLC’s, S-Corps and advise on how these should be treated for New Zealand tax purposes. More often than not, the New Zealand treatment does not mirror the overseas treatment which can lead to complexities and tax inefficiencies.
Structuring cross border business operations to achieve tax efficient outcomes is a major focus of our work. Double taxation issues commonly arise when businesses pay tax in a different jurisdiction to that in which the owners reside. We have access to tax advisers in numerous countries through our association with RSM International to ensure that any issues arising in foreign jurisdictions are adequately addressed. It pays to get the structure right from the outset as getting it wrong can be costly and once established, structures can’t be easily unwound.
nsaTax is one of New Zealand’s leading providers of knowledge based learning through webinars and seminars on tax, accounting and trust related topics. Our target audience are accounting and legal professionals in both public and private practice. Our seminar and webinar presenters are very experienced and knowledgeable in their fields of expertise and regularly present at conferences, seminars and SIGS.
Our webinars and seminars are designed to be interactive with opportunities for attendees to ask questions during sessions. Attendance at nsaTax webinars and seminars qualifies as verifiable formal Continuing Professional Development hours for CAANZ and NZLS members and we issue completion certificates for CPD recording purposes.
Our webinars operate on a one charge per connection basis (rather than per attendee) which makes CPD learning more cost effective than ever. Webinar recordings are available for self paced or on demand learning.
We regularly provide tailored in-house staff training sessions at clients’ premises ranging from lunch time seminars to all day sessions. We will co-ordinate staff training on topics of your choosing.
Business/Share Valuations & Litigation Support
We are regularly instructed to provide both independent valuations of businesses and shares for a variety of purposes including:
- Related party transfers of shares to family trusts or between companies where transfers must take place at market value
- Business or share acquisitions including employee buy ins
- Transfers of property pursuant to relationship property agreements
- Outright sale or minority interest buyouts
- Shareholder disputes
- Capital raising/restructures
- Intellectual property valuations
We pride ourselves on clear and precise reports that identify the key risk factors and value drivers, be they Indicative Reports or full Independent Valuation Reports in accordance with Advisory Engagement Standard No.2 (AES-2).
We have significant experience in providing Litigation Support including preparing reports for courts and alternative dispute resolution processes on issues of valuation or loss quantification. We have regularly provided expert witness engagements in commercial disputes and have provided evidence in Court, judicial settlement conferences and in mediations. Examples of recent litigation support work include:
- Valuations of businesses and shares
- Relationship property valuations
- Section 15 economic disparity claims
- Compensation claims under section 9A
- Damages claims
- Assessing liability for insurers under professional indemnity claims
We are also experienced in accounting due diligence engagements in relation to share acquisitions.