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.
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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.
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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.
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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.
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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.
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ByBy JULIE O’REILLY
DIRECTOR, BUSINESS ADVISORY
As a medical professional, the income you earn is deemed as personal services income or “PSI”. PSI is classed as income derived by an individual as the result of his or her personal work or exertion. These services may be carried out by the individual as a sole trader or sometimes through a trust, partnership or company structure.
The tax treatment of income from personal exertion falls under the Personal Services Income (PSI) attribution regime. This legislation effectively treats individuals earning PSI as a quasi-employee. This involves looking through any structures, such as a medical company or trust, which may be in place to attribute the income generated back to the individual who earned that income.
For example, if Dr Chan is earning $400,000 in personal income from his work as a doctor after business expenses, this income must, under law, be included in Dr Chan’s personal income tax return in the year that it has been earned. He does NOT have the option to;
If Dr Chan were to alienate some of this income away from himself, this would be considered tax avoidance and would incur substantial penalties from the Australian Tax Office (ATO).
When considering PSI, it needs to be clear that the type of income covered is only personally generated income, it does not include income generated by a medical practice from service fees or income from investments which may be held in another structure, such as a trust. The ATO have recently advised there will be a particular focus on this activity in the coming financial year. Here, we explain some of the facts (and the fiction) of personal services income.
I can split income I make as a Doctor because I have a company or trust?
The ATO will look through any structure that is in place to see how the income is derived. This is the key focus of the PSI legislation. If income is derived by the medical practitioner as a result of his or her personal work or exertion, this income is PSI and must be attributed to the individual performing the work.
It is sometimes mistakenly assumed that if you meet the requirements to be classified as what is called a Personal Services Business, you can split your income between yourself and your family members. This is not the case. Where personal exertion income is split inappropriately with associates, the ATO is likely to consider this tax avoidance and ignore any tax benefits obtained.
I work at a number of practices and so 80% of my income does not come from the one source, so I can split my income.
False – this income is still derived as a result of his or her personal work or exertion as a medical practitioner. This income remains income which has been generated from personal services and must be attributed to the individual performing the work.
The income I generate means I am a personal services business so I pay my spouse a wage and superannuation?
True – provided you are considered a personal services business (PSB).
Provided your spouse or an associate provides services to you which is necessary for the generation of your income and you remunerate them at a market rate, these payments will be a tax deduction to you. If no work is performed, no payments can be made to them.
You may choose to maximise any superannuation contributions on behalf of your spouse (working in your business) up to the concessional cap, even if the superannuation contribution exceeds the value of the work performed. The current concessional cap in relation to the 2018 financial year is $25,000. This position is supported by Tax Determination 2005/29 and Ryan’s case.
I use a medical company because if provides me with asset protection from my patients
False – Sometimes sole traders are encouraged to operate through a company to take advantage of the additional legal protection and limited liability offered under a corporate structure.
In our experience, these protections are not all that valuable to a professional, such as a medical practitioner, where any failing is likely to be at a professional level. In these cases, the limitation of liability offered by a company will not offer any protection to the professional person. Accordingly, it is vital that medical practitioner maintains an appropriate level of professional indemnity insurance, regardless of the trading structure they have in place.
In relation to professional failings (such as medical malpractice) it will be largely irrelevant, from an asset protection perspective, if the medical practitioner is trading as a sole trader, or through a different entity such as a company.