William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
The William Buck Hour could be the most profitable hour you spend this year.
Sweeping changes to financial reporting may impact your financial position and business operations.
Our experts are here to help you understand what you need to know about Safe Harbour legislation.
William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
The William Buck Health Hour could be the most profitable hour you spend this year.
We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
Send us a quick message to see how we can change your life.
Full of practical advice, news, opinion pieces and tips designed specifically for CFOs. Join the conversation today.
Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
Interested in joining our team? We have positions across Australia and New Zealand for forward thinking, enthusiastic, intelligent individuals.
Looking to join a team that offers more than just co-workers? We’re proud to have built a firm which engenders loyalty and provides an environment in which life-long professional connections and friendships can flourish.
Are you ready to achieve your career goals?
We offer a workplace where striving for excellence and being supported to achieve your professional and personal best, are par for the course.
Are you a proactive and innovative accounting professional interested in joining our team?
We foster a dynamic and respectful work culture, where growth and development are encouraged, and initiative is rewarded.
We’re committed to recruiting outstanding people. Our culture is built on respect and team work, making William Buck a great place to develop a rewarding career. From day one, you will be given every opportunity to realise your full potential.
We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
Hello. Kia Ora. Talofa. Ni Ho. However, you say it, there’s always a warm welcome at William Buck. Creating an enjoyable environment to spend our days is part of our master plan to create an exceptional place to work.
Applying for a graduate position at William Buck is the first step in a rewarding career.
Our people are the reason for our success. In recognition of this we have comprehensive learning and development programs to ensure our employees are given the right opportunities to grow both as professionals and as people.
Interested in joining our team? Take a look at the answers to some of our most frequently asked questions.
Applying for a role at William Buck is the first step in a rewarding new career.
Here you’ll find the latest business news, thought leadership articles, technical updates and tools to help drive your business performance.
Check out our latest research reports, looking at the key trends and issues faced by the mid-market.
A dedicated area for our Wealth Advisory clients to provide information about their portfolio services.
Our dedicated client portal enables you to share files with your advisor, manage your portfolio and make payments.
The William Buck Tax Rates and Tools App is available for download today.
Check out some of our latest insights and news appearances on our dedicated video channel – William Buck TV
In just one hour our experienced business advisors can prepare an independent assessment of your business through analysis of the key fundamentals of successful growth; your business, your finance and your people.
Check out our latest news articles, looking at the key trends and issues faced by the mid-market.
Sign up to receive the latest insights relevant for your business.
Take a look at our latest research reports.
Packed full of useful features, our free App can help you.
Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
As a member of Praxity, the world’s largest international accounting alliance, our local team is supported by our extensive network, representing an unrivalled global resource and knowledge pool.
From Western Australia, to New Zealand; and everything in-between; check out our offices, and local team, representing an unrivalled global resource and knowledge pool.
A recent ruling from the Commissioner has highlighted the importance of administering a pension correctly, with severe tax consequences for those that fail to comply.
The Commissioner has revealed that failing to make the required pension payments could jeopardise the tax-free status of a self-managed superannuation fund (“SMSF”) not just from the date of shortfall but for the whole financial year.
With over 500,000 SMSFs in Australia and more than 58%1 of the SMSF member population over the age of 55, administering a pension (formally known as a ‘superannuation income stream’) is becoming increasingly common.
The date on which a pension commences or ceases is crucial to the tax outcomes within the SMSF:
Confusion often arises as to when a pension technically commences or ceases, particularly if an unusual event has happened during the year, such as a shortfall in pension payments.
In order to provide more guidance relating to the commencement and cessation of a pension, the Commissioner has released taxation ruling TR 2013/5: Income Tax: when a superannuation income stream commences and ceases. The Ruling applies retrospectively from 1 July 2007.
When does a pension commence?
In the ruling, the Commissioner explains that a pension exists only where the SMSF trustee has a liability to pay the member a series of ‘periodic payments’ (that relate to each other) over an identifiable period of time.
The Commissioner clarifies that ‘periodic payments’:
It is not uncommon for an SMSF pension member to draw down one annual payment. However, SMSF trustees should take care in this regard; the Commissioner has implied that such payments will not be treated as an ‘income stream’ if a pension commences and then ceases after one year.
When does a pension cease?
Generally, a pension will cease when there is no longer a member (or beneficiary of that member) who is entitled to the superannuation income stream. The following is a list of some common circumstances where a pension ceases:
One common example where a pension could inadvertently cease under the above circumstances is where an SMSF Trustee fails to pay the minimum pension for an income year.
An SMSF in pension phase is required to draw down a minimum annual pension as set out in the superannuation regulations.
The Commissioner has finally confirmed in his ruling that, in his view, failure to meet the minimum pension drawdown for a given financial year will result in the cessation of the pension at the beginning of the financial year.
In this situation, any amounts withdrawn during the year are, in the Commissioner’s opinion, superannuation lump sums. More importantly, the ‘pension’ portion of the SMSF will lose its tax-free status for that financial year.
Unfortunately, the ruling fails to address circumstances where the minimum drawdown is not met for a non-commutable pension (such as a transition to retirement income stream). Since lump sums cannot be paid from a non-commutable pension, it is uncertain as to how these amounts should be accounted for.
The Commissioner’s view also infers that simply accruing any pension shortfall at year-end may not be enough to ensure that the SMSF is entitled to its full exempt current pension income tax exemption.
In spite of the recent ruling, the Commissioner released a fact sheet in January 2013, which indicates that in cases where minimum draw-downs are not met, he may choose to exercise his powers of general administration, allowing the SMSF to continue to claim the current pension income tax exemption.
In order for the Commissioner to exercise his discretion, a number of specific conditions would need to be satisfied. One of these conditions requires that the SMSF Trustee (unless a result of matters outside the Trustee’s control) only made a small underpayment of not more than one-twelfth of the minimum pension payment required for that income year.
The Commissioner’s right to exercise powers of general administration should not be relied on as a tax planning mechanism, but rather a last resort if an inadvertent error has occurred.
Given the Commissioner’s approach to the treatment of pensions, it is crucial to ensure that clients are made aware of their minimum pension drawdown requirements each year. A reminder call to your client in the lead up to year end may be the best way to minimise the likelihood of them failing to draw down their minimum pension.
Should you require any further information regarding superannuation matters, please contact your local William Buck advisor.
1Based on June 2013 SMSF statistics released by the ATO on 20 September 2013