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Alliott Group Alliance APAC Update

From the desk of Alliott Group APAC Chair, Vanessa Williams

At the time of writing the last APAC update, our team was back in the office and things were finally getting back to normal.

Retail in NZ had a mini boom, people were spending again, restaurants were full and then just like that on 12th August Auckland went to COVID-19 Alert Level 3. Once more we were working remotely.  Now we are back in the office (hopefully for the long term) and it’s just months away from Christmas. What a year it’s been!

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Federal Budget Australian Dollars

Australian Budget 2020

Budget winners and losers revealed

The Australian Government is set to deliver one of the most important budgets since World War II on Tuesday night.

It’s expected to include a staggering amount of spending and the biggest deficit in Australia’s history as the government tries to kickstart the economy amid the coronavirus pandemic.

But even with such a large amount of spending, not everyone will be a winner, here’s what we know about the Budget so far.

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Australian SMBs endure large COVID hit

National Australia Bank’s Small and Medium Enterprise business survey saw a large deterioration in Q2

Small and medium business (SMB) confidence and conditions declined sharply, while capacity utilisation also declined to its lowest level in the history of the survey. The deterioration was evident across all size tiers and across each of the trading, profitability and employment sub-components. In addition, forward-looking indicators for both conditions, employment and capex all deteriorated sharply in addition to a weak outcome for forward orders.

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COVID19 coronavirus

NZ Alert Levels and Wage Subsidy Extension

New Zealand now has no active cases of COVID-19

As of midnight last night the country has moved down to Alert Level 1.

This means restrictions on gatherings, hospitality, transport and social distancing have now been removed. Border restrictions however remain.

COVID-19  Wage Subsidy Extension

Applications open from tomorrow 10 June 2020 for the Wage Subsidy Extension. An employer must have experienced a revenue loss of at least 40% in a 30-day period in the 40 days immediately before the employer applies for the extension, compared to the closest period last year.  

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COVID-safe workplaces

Australian COVID-19 news

Companies shift to ‘COVID-safe’ workplaces

No more shared cookie jars, fewer meetings, staggered start times and temperature checks before you leave the house – Aussies may be heading back to work, but the office will never be the same.

On the plus side, hot-desking will likely be a thing of the past as the world makes the transition to “post-COVID workplaces”, where hygiene, safety, social distancing and regular cleaning will take the driver’s seat after decades of cost-cutting measures.

And millennials who entered the workforce in the “open plan” era may soon be getting their first taste of the cubicle.

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Alliott NZ Ltd Chartered Accountants & Business Advisers

Alliott NZ Update re COVID -19 Alert Levels

COVID-19 Alert Level 2 guidelines and restricted trading

The Government announced yesterday that New Zealand will move from Alert Level 3 to Alert Level 2 at 11.59pm on Wednesday 13 May.

At Alert Level 2 businesses can operate if they’re able to do so safely. To do business safely, the key public health requirements require businesses to maintain hygiene measures, including physical distancing, hand washing and regularly cleaning of surfaces.

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NZ COVID-19 alert level 4

COVID-19 alert level 4 NZ lockdown

What COVID-19 alert level 4 means for Alliotts and our clients

From midnight Wednesday 25 March 2020, New Zealand goes into full lockdown.

Level 4 means people are instructed to stay at home, schools and universities closed, as well as non-essential businesses, major reprioritisation of health services, and severely limited travel.

From 24 March 2020, the Alliotts team will be operating from home offices but we will still be operating and available to assist with all your accounting, tax and business needs.

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coronavirus COVID-19

NZ Coronavirus Tax Alert

Tax reform measures included as part of Business Continuity Package

The New Zealand Government has announced a $12.1 billion business continuity package aimed at assisting businesses through the COVID-19 situation. The largest element of the package is the delivery of $5.1billion in wage subsidies to businesses and the delivery of support for workers needing to self-isolate, delivered through the Ministry of Social Development.

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partnership handshake

New Zealand-Singapore enhanced partnership

Singapore and New Zealand begin New Decade with Enhanced Partnership

Confirming that there is still an appetite for free trade agreements in the wider Indo-Pacific region, the New Zealand-Singapore Enhanced Partnership entered into force on 1 January 2020.

The Enhanced Partnership agreement builds upon and extends the original NZ-Singapore Closer Economic Partnership (CEP), which was signed in 2000 and entered into force in 2001. The CEP was New Zealand’s second free trade agreement (after the 1983 Closer Economic Relations Agreement signed with Australia) and the first of its kind concluded by Singapore.

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Alliott NZ joins colleagues at 2019 worldwide conference

Alliott NZ joins colleagues at 2019 worldwide conference

Alliott Group 2019 Worldwide Conference

Alliott NZ joins international colleagues from 38 countries at Alliott Group’s worldwide conference in Madrid.

Alliotts’ Greg Millar and Vanessa Williams were among the 138 delegates from 78 independent accounting and law firms in 38 countries who were in attendance in Madrid for the 2019 Worldwide Conference of Alliott Group, the firm’s international alliance.

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Alliott Group call out to Brisbane accounting firms

Alliott NZ is a proud member of Alliott Group, a worldwide alliance of independent accounting, law and consulting firms

Celebrating its 40th year in business, Alliott Group aims to become a Top 10 Global Alliance by the end of 2021.

A dynamic and ambitious approach spearheaded by a new Executive Office team has resulted in 2019 being one of their most successful recruitment years, with 13 firms joining in the last eight months.

The alliance is actively seeking accounting and law firm members in the APAC region but particularly an accounting member in Brisbane, Australia, following the merger of long-standing previous member Hanrick Curran into the Mazars partnership earlier this year.

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privacy keyboard

NZ Privacy Bill update

Privacy Commissioner John Edwards welcomed the Justice Select Committee’s report on the Privacy Bill.

“The Committee has listened to submitters and the reported back Bill contains measures to ensure the law addresses some of the most pressing aspects of the modern digital economy.

The law will now explicitly set out when agencies that collect, process and use New Zealanders’ personal information will have to comply with New Zealand law – regardless of whether these agencies have a brick-and-mortar presence on our islands.

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New NZ employment law from 1 April

New NZ employment law

From 1 April 2019, employees who are affected by domestic violence will have new entitlements and rights.

They can take up to 10 days’ paid leave each year, can request a variation to their working arrangements, and can raise a personal grievance, or unlawful discrimination claim, if their employer treats them adversely because they are affected by domestic violence.

These new entitlements and rights come from the Domestic Violence – Victims’ Protection Act 2018 (Act).

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Insights for entrepreneurs

How to thrive during the next economic downturn

5 key strategies to help you respond to the disruption

Entrepreneurs know that the economy goes through cycles.  Sometimes things are good and business booms.  Other times, things are tough and entrepreneurs struggle.  Markets go up and then go down and then, hopefully, go back up again.  That just seems to be the way things go.  But that doesn’t mean that you have to lose in a downturn.

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Alliott Group Asia Pacific Regional Conference

Alliott NZ at Accounting & Law Asia Pacific Conference

Alliotts was represented from 24-26 May in Osaka, Japan at the Asia Pacific Regional Conference of Alliott Group, the international alliance of professional services firms of which our firm is a member.

The conference provided learning, personal development and networking opportunities and was attended this year by 28 professionals from 17 cities in 11 countries.

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Newmarket Business Awards

2018 Newmarket Business Awards

Alliotts shortlisted for prestigious Newmarket Business Award

Alliott NZ Chartered Accountants have been shortlisted as Finalist in the Best Small / Medium Business of the Year (non-retail) category at this year’s Newmarket Business Awards in Auckland.

The announcement comes in the wake of a rigorous first-round judging process to whittle down almost 100 entries across 12 categories, with the competition promising to be hotter than ever.

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Armitage_Maioro VMSS 1

Doing Business in NZ case study

Alliotts case study: Armitage Group

Auckland’s award-winning Armitage Group, operating in New Zealand since 1994, is a well-known supplier of preference to private sector infrastructure engineers and developers, civil contractors and government authorities.

As a technology integrator with four offices in New Zealand and Australia, Armitage supplies, installs and maintains electronic and mechanical systems in the areas of Security, Fire Protection, CCTV, Building Management and Intelligent Transportation Systems.

Lately, they expanded their portfolio to include a Monitoring and Surveillance division providing a 24/7 support across all the business areas.

From the time founder Paul Sansbury established the business, he built a renowned reputation and was bringing through another generation of family expertise. Sadly the succession of the business was brought forward unexpectedly when Paul passed away a year ago.

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Alliott NZ named Top 30 NZ firm ??

Auckland’s Alliott NZ Chartered Accountants has been recognised as one of Chartered Accountants Australia and New Zealand’s (CAANZ) Top 30 accounting firms in New Zealand.

A compilation of the country’s top accounting firms has shone a light on the contribution NZ accountants make to not only businesses, but their communities as well. Accounting firms in New Zealand were ranked for the first time and the Top 30 list was announced in Sunday Star-Times in a partnership between Fairfax Media and CAANZ.

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QLD state flag

NZ attacks QLD Government over trade and job risks

TRADE ministers on either side of the Tasman are questioning the legality of the Palaszczuk government’s proposed “Buy Queensland” procurement policy.

QLD Premier Annastacia Palaszczuk says she is unrepentant about her Buy Queensland procurement policy after it caused a stir across the Tasman in New Zealand.

A riled-up New Zealand Government extraordinarily slapped down the Premier, accusing her of “lacking an understanding of how trade works” and putting at risk Queensland jobs.

Premier Palaszczuk said the first Australia-NZ government procurement agreement struck by the Goss Labor government in 1991 “doesn’t make sense”.

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Australia’s changing investment orientation

More Australian investment in South East Asia than New Zealand

Article first published in ANZ BlueNotes May 2017

It is perhaps not surprising in a country which has long been dependent on a net inflow of foreign investment a watershed event like this would be overshadowed by familiar debates over whether Chinese investors are driving up house prices or whether an Indian investment in coal should be subsidised by the government.

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international tax transparency

NZ small business underpin ‘rockstar’ economy – survey

New Zealand’s strong economic credentials have been given a ringing endorsement in the latest survey of small businesses across Asia Pacific, with growth expectations at a record high.

The Asia Pacific Small Business Survey 2016, commissioned by global accounting body CPA Australia, showed New Zealand small businesses are growing strongly, adding new jobs and expect even better performance this year, this country’s strongest showing in the six years it has been included in the survey.

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NZ, Australia part ways on employment

If you’re waiting for net migration in New Zealand to fall sharply you may be waiting a while.

With employment opportunity a major driver of migration flows, ANZ’s job advertisement data for NZ hasn’t had a single monthly fall in 2016.

This underlines the idea that even if methodological changes mean official employment growth data is overcooked, the labour market is very tight.

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doing business in New Zealand

Making the most of Free Trade Agreements

The NZ Government is updating its 20-year-old Trade Policy Strategy and speaking to groups around the country seeking their input.

The existing strategy has served NZ well; it has significantly lowered the cost of imports and the barriers holding back our exports.

However, things have changed in 20 years. The way we do business today and the global environment we operate in have moved on, which is why we need to adapt.

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business expansion overseas

Thinking about doing business in Asia Pacific?

If you’re thinking about creating an export business in Asia Pacific, you’re probably best advised to start your operations in markets such as New Zealand, Singapore or Malaysia which have legal systems based on British law and is therefore fairly similar to Australia.

One of the key recommendations is that you identify potential operators in that market who can be your agent or representative, but don’t rush in and appoint the first one you talk to.  Have a good look at the market; talk to people such as Austrade, the Australian Embassy, Trade Organisations, Australian banks and advisers on the ground operating in the region to obtain extra insight on the reputation of the business you’re proposing to have as your representative in that market.

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Exporting – Where To Start

Exporting – Where To Start?

With around 35,000 Australian exporters turning over less than $5M, significant benefits exist for small and medium enterprise considering exporting to New Zealand.

The prime growing products for small/medium enterprises to consider are education, tourism and agribusinesses, together with professional services (including scientific and technical services) and healthcare.

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How to research your next export market

Whether you’re planning to enter your first market, or your fifth, good research is a critical step in your preparation for export success.

Of course the best way to ‘get a feel’ for a market is to actually go there. Meeting potential customers and partners and checking out local competitors will provide invaluable market intelligence.

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Capital Markets: Aussies prefer NZ investment

Auckland, the underrated jewel of APEC

Study focusses on the role urban centres play in the context of APEC’s economic and social growth with cities, rather than nations, competing for an increasingly mobile and global labour force.

Auckland ranks higher than its Australian neighbour Melbourne (at eighth), driven by its top ranking in six out of 39 variables.

Variables were grouped into five indicators: culture and society, connectivity, health and welfare, environmental sustainability and economics. Melbourne was a strong performer but only ranked highest in two out of 39 variables, contributing to its lower overall ranking relative to Auckland.

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business expansion overseas

Expanding your business overseas – 4 tips

Typically, growth opportunities on home soil only take a business so far.

At some point, any push to expand will need to consider opportunities overseas to grow bottom line.

This can be challenging for small and medium-sized businesses. That’s assuming that the political, social and economic climate in the overseas market is stable.

Here are four tips to take the uncertainty out of doing business abroad:

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China looks to broaden free trade agreement with NZ (Yahoo7News)

China aims to expand an existing free trade agreement with New Zealand. 

China will also expand cooperation overall with New Zealand, in areas such as agriculture and food safety:

Read full article: https://au.news.yahoo.com/world/a/31386206/china-looks-to-broaden-free-trade-agreement-with-new-zealand/

If you’re an overseas business looking to operate in the New Zealand market, we provide strategic business guidance and practical financial advice on how to structure your business here.

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GRAPH 'A lot of Kiwi startups are global from day one. More than they are in Australia.'

Why NZ is punching above its weight in start-ups (SMH)

Fantastic article in the Sydney Morning Herald asks how have Kiwi start-ups managed to catch the eye of powerful people with big chequebooks.

And is there anything on the Australian side of the Tasman that can be learned from New Zealand’s entrepreneurs?

Read more: http://www.smh.com.au/business/world-business/why-new-zealand-is-punching-above-its-weight-in-startups-20160415-go7jnj.html#ixzz46WkcNyNH 

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New tax incentives for Australian entrepreneurs

Business Insider (Australia) reports that Australian government has followed through with plans to offer tax incentives to entrepreneurs and startups.

Australian Treasurer says bill to change  tax laws for startups introduced to Parliament late March.

Following an announcement during December 2015’s Innovation Statement, the Australian Treasurer outlined the development of new measures during the introduction of the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016.

The Australian government consulted with investors, industry bodies, universities and the start-up community to incentivise innovation and reward greater risk-taking, while considering the integrity and sustainability of the Australian tax system. The new laws will offer the following:

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5 signs your new business model will work

If you’re starting a business, the odds are stacked against you from the get-go!

Statistics* indicate that more than 60 per cent of small businesses will close within three years of starting.

Similarly, it’s a rare business that gets the traction required to turn over $1million dollars+ in sales. The reality for many business owners is, if they calculated the profit they obtain from their business and divide it by the hours they put into their business, it would be more economically viable for them to get a job with someone else.

With this in mind, I examined some traits I see in successful businesses to give you a checklist as to whether or not your new business model is likely to work. You can apply this if you’re considering starting a new business or if you already operate one.

Here are five criteria against which you might find it useful to measure yourself. 

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Capital Markets: Aussies prefer NZ investment

Now’s a good time to start or expand your business in New Zealand

The easy environment, proximity to Australia, language and exchange rates make New Zealand a logical place to start if you’re an overseas business looking to expand offshore.

Plus NZ’s extensive Free Trade Agreements provide additional incentive, especially if you’re targeting markets in the wider Asia Pacific region.

Proud kiwis and partners at Auckland’s Alliott NZ Accountants, Vanessa Williams CA and Greg Millar CA, weigh in on the advantages and disadvantages of starting and running a small business in New Zealand. 

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Christopher Niesche: Lost decade as Oz shares go sideways

NZ Herald article statistics show market failing to produce solid and consistent returns for investors as property prices soar.

It’s the lost decade – the 10 years in which the Australian share market has moved sideways.

When the sharemarket closed on Friday February 10, 2006, the benchmark S&P/ASX200 index was sitting at 4871.50. Last Friday, it close at 4765.30. That means a loss of 2.2 per cent over the decade.

It’s a sobering statistic for those who argue that shares produce solid and consistent returns over the long run.

Of course, it’s been an unusual decade. First, shares were hit by the global financial crisis then over the past few months they’ve suffered the latest bout of market jiggers as investors around the world worry about the strength of China, the banks and global growth.

Anyone who had put money into the market, say 11 years ago, would be ahead by about 8 per cent. 

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Australian government releases Innovation Statement

Prime Minister Malcolm Turnbull has announced the Australian government’s Innovation Statement.  

This begins a major transformation of Australian business by allowing companies and directors to take “necessary risks to innovate”.

The policy embraces the risk of failure, in order to allow innovation to succeed.  This means recognising that, in pursuing new ideas and opportunities, unfortunately, some businesses will fail.

The reforms announced by the government will help change the Australian business culture. The key components of the announcement, as they relate to businesses, include: 

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Exporting – Where To Start

Looking to spread your wings beyond Australia?

Why you should consider doing business in New Zealand

Australia and New Zealand enjoy a strong trade relationship, which has created a number of exciting opportunities for Australian businesses looking to expand into the kiwi market.

Gaining a clear understanding of the opportunities available for doing business in New Zealand, as well as any considerations of which to be aware, will help Australian businesses entering the NZ market set themselves up for success.

Here are a few things you need to know about New Zealand.

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Getting bigger?

Most businesses get bigger by osmosis. It just happens.

They grow by people numbers, customer numbers, business premises and the turnover certainly grows. But the profit does not necessarily grow in line with turnover. It frequently goes backwards – or stays around the same.

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Alliott Group jumps two places in Accountancy Age league table

Alliott Group ranked 13th by leading professional publication Accountancy Age in 2015 league table of International Associations and Alliances.

The Group has risen two places since last year which is due to a 20% rise in the total revenue of its 160+ member firms. Alliott Group’s members saw the second highest percentage rise in revenue of all networks and associations/alliances.

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