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Preparing Tax Returns

For New Zealand residents, it is a requirement that an income tax return is lodged annually unless you are an individual and your salary or wages has PAYE deducted, and you do not have other gross income exceeding $200.00.

The New Zealand tax rules can be complex and the obligation is on taxpayers to file a correct tax return. Substantial penalties apply where incorrect or no returns are lodged. Income tax returns are due by 7 July unless the tax payer is attached to a tax agents listing, in which case extended time to file a tax return is available.

For businesses, GST and FBT returns may also need to be filed.

ECE Astute Accounting can assist you to prepare those tax returns so that you comply with the law.

Preparing Financial Statements

Business owners will generally be required by law to prepare financial statements, however financial statements are also useful to:

  • Manage your business better to improve portfolio and cashflow
  • Help you get financing from a bank or other lending institution
  • Prepare income tax returns
  • Sell your business
  • Meet fiduciary obligations when acting as a director or trustee

ECE Astute Accounting can prepare financial statements on your behalf and explain the types of financial statements that apply to your circumstances.

Management Consultancy

In today’s complex business world management requires more than commitment from the business owner.

ECE Astute Accounting can provide the ‘outside’ view that helps the business owner identify the management tools that will enable the business to maximise its potential:

  • Help the owner understand the business and identify the key drivers or KPI’s
  • Identify the information that can be extracted effectively to measure performance
  • Establish reporting systems that allow timely capture of information to report against those drivers
  • Plan for success. Identify and monitor progress towards strategic goals
  • Prepare feasibility studies to evaluate and compare business opportunities
  • Budget, cash flow modelling

Company Secretarial Services

ECE Astute Accounting can complete Company Secretarial requirements and help with the following:

  • Obtain an IRD number
  • Apply for company name approval
  • Incorporate new companies on the New Zealand register
  • Amend company records and maintain registers for directors and shareholders
  • Lodge annual returns
  • Lodge fast track forms for filing financial statements
  • Increase or reduce share capital
  • Transfer shares between shareholders
  • Amalgamate companies
  • Close companies which have ceased trading
  • Restore companies to the register

Business Coaching & Mentoring

Business coaches work with business owners to achieve three key goals:

  • More cash
  • More profit
  • Less time at work

Some of the key benefits of working with your Business Coach is:

  • Focus on what is important
  • Accountability
  • A sounding board

The coaching programme works with a weekly or fortnightly coaching session between the Coach and the Business Owner. The coaching session is used to discuss business strategies, review progress and setting goals for the upcoming period.

The success of the programme comes through working on a number of small steps concurrently, over a period of time.

Buying & Selling a Business

At ECE Astute Accounting, we have answers to the question:

“What do I need to consider when buying a business?”

… and can also provide the answer to:

“How should I present my business for sale?”

ECE Astute Accounting can help you as the Vendor by:

  • Preparing your business for sale
  • Understanding what elements contribute to the value of your business
  • Identify possible buyers
  • Handle the Due Diligence process

ECE Astute Accounting can help you as the Purchaser by:

  • Identifying the most appropriate structure for you to use for your new business
  • Understanding what elements contribute to the value of your business
  • Consider funding options
  • Plan and manage the Due Diligence process

Cashflow Management

One rule in business, Cash is King! Almost every business has a ‘Cash-Gap’. Often referred to as working capital, it is the time difference between when you pay your suppliers (including personnel) and when you get cash from your customers.

So what is your ‘Cash-Gap’?

ECE Astute Accounting can identify operational issues surrounding your cashflow and recommend strategies and techniques to improve your cashflow. Whether it is inventory management, control of suppliers and how you communicate with customers, we have solutions to help your business.

Due Diligence

Anybody looking at buying or selling a business needs to ensure that the financial information they hold is as accurate as possible. This is to ensure that an appropriate purchase price is paid, and also to eliminate any financial surprises appearing after the transaction has been completed.

Transparent financial data will assist in a quicker and smoother sales process. Buyers need to understand the true financial returns from a potential acquisition.

Sellers help the process by providing the best information possible. An independent assessment also provides potential buyers with certainty about the business and the nature of its cashflow.

Financial due diligence can help to identify and focus attention on the factors in the business that will be critical to its future success.

Some indicators if you need Due Diligence:

  • Organic growth of your existing operations is too slow or has hit a ceiling
  • You wish to increase your market share quickly
  • Additional products or services can be sold to your existing customer base
  • Your long term strategy involves acquisitions or disposals
  • Your company is in the process of restructuring / re-focusing its activities
  • You want to reposition your portfolio focus on core businesses, or return value to shareholders

Benefits of Due Diligence:

  • Increased information flow reducing uncertainty helps transactions close more smoothly
  • Key issues are identified and can be resolved
  • Information on cash-flow can help with pricing decisions and greater certainty over the future of the business
  • Vendors can more easily control the sales process, and maximise their sale proceeds
  • For sellers, early identification can have matters resolved prior to a sales process commencing

Financial Reporting Standards

Our team is familiar with Financial Reporting Standards and New Zealand Equivalents to International Financial Reporting Standards (IFRS).

Our senior team members are members of the New Zealand Institute of Chartered Accountants.

We receive regular training in the ever-changing reporting standards so that our knowledge is current and relevant to the needs of our clients.

Not For Profit

At ECE Astute Accounting, we recognise that ‘not for profit’ organisations require professional help and advice just like businesses do.

ECE Astute Accounting currently assists a number of not for profit organisations ranging from small societies to large enterprises, with services such as:

  • Financial statements preparation
  • Special purpose audit preparation
  • Limited reviews of financial statements
  • Income tax advice and application for exemption
  • Goods and services tax advice
  • Governance and internal processes reviews

Obtaining Finance for Property or Business

Need finance for your business, farm or commercial property?

At ECE Astute Accounting we have the skills to find the finance that you need for your business or commercial property.

We can help you with:

  • Financial forecasting
  • Prospective financial statements
  • Bank application co-ordination and preparation
  • Negotiating with financiers
  • Liaison with others such as valuers and lawyers

ECE Astute Accounting can also help you with:

  • Tax advice
  • Advice on how to structure your purchase

Succession Planning

Building and managing a successful business takes hard work and long hours. At ECE Astute Accounting we understand that succession planning is not often high on the priority list. However, the time will come when you may wish for a change in lifestyle while at the same time providing reassurance to other stakeholders and maintaining business continuity.

Proper succession planning will help ensure that you reap the rewards for all the years of hard work. A smooth transition to successors can be a strenuous process and requires a good understanding of the issues involved and requires careful planning. ECE Astute Accounting can assist with the planning process and especially with the technical and financial issues of succession.

Taxation Planning & Advice

New Zealand business and individuals are faced by dynamic and complex tax regimes, both domestic and internationally.

The different stages of business growth and personal wealth development requires a pro-active approach and a complete understanding of the impact tax will have on business decisions.

We believe that accurate and efficient tax planning is an integral part of business and personal wealth management.

Professional tax planning and advice is an integral part of the service offering you can expect from ECE Astute Accounting. The areas where we can offer our services include:

  • Efficient entity structures
  • Calculation of tax liability and completion of returns (including corporate, trusts and estates, partnerships and individual tax)
  • Provisional tax, terminal tax and tax cash flow planning & financing
  • Advice on the tax implications of transactions
  • IRD investigations
  • Payroll tax and FBT
  • GST
  • Transfer pricing

Trusts & Estates

For centuries Trusts and Estates have had an important and valuable role in protecting, preserving and growing family wealth.

Proper management and administration is essential to the integrity of a Trust.

At ECE Astute Accounting we have the experience and expertise to guide you to:

  • Decide whether a trust is right for you
  • Work with your legal adviser to establish the appropriate structure
  • Manage the affairs of the Trust
  • Prepare financial reports to record the Trust activities correctly
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