Doing business in New Zealand – legal, tax and accounting landscape

Host: Philippa Wang – Associate Director, Deloitte (Honorary Accountant to NZCBIA)
Philippa has been with Deloitte for over 10 years and has served a diverse variety of clients both in accounting, tax and business advisory areas. Philippa has assisted numerous Chinese speaking business owners and high net worth individuals, investing and doing business in New Zealand. Philippa specialises in Virtual CFO, management and annual accounts, tax compliance and compliance reporting for a wide variety of entities, including several large overseas owned entities and one NZX listed entity. Philippa speaks fluent Mandarin.

Doing business in New Zealand – legal, tax and accounting landscape

Executive Summary:

New Zealand provides its investors with a free and open business environment and a sophisticated business legal system. It is an ideal country for investment. Similar to many developed countries, most of the businesses are carried out as limited liability companies. Investors can also undertake businesses in partnerships or sole proprietorship.
New Zealand has a sophisticated and stable tax system and a broad tax basis although capital gains are not currently taxed. In New Zealand, the Financial Reporting Act 2013 sets out a new financial reporting framework and minimum financial reporting requirements.
New Zealand businesses must submit an annual tax return and pay tax (provisional tax instalment rules apply) to IR. The tax regimes generally operate on a self-assessment basis with returns filed being selected for review/audit by IR from time to time.
It is important to understand the legal, tax and reporting compliance requirements for investors wanting to successfully doing business in New Zealand.