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No 36 SUMMER 2015





An inspiring startup

More than a title



An accountant's view

Foreign currency loans & bank accounts NUMBERS Summer 2015 • 1


David Searle


Rosanna Baird (07) 834 6800

(09) 373 1128


Chris Downey (07) 578 2989


Stuart Signal

(06) 878 7004


Chris Lynch

(06) 757 3155


Robert Elms

(04) 472 7219


(03) 343 0599

DISCLAIMER No liability is assumed by Staples Rodway for any losses suffered by any person relying directly or indirectly upon any article within this document. It is recommended that you 2 • NUMBER Summer 2015on this information. consult your advisor before acting

No 36 SUMMER 2015

IN THIS ISSUE CHAIRMAN'S MESSAGE As the year draws to a close, we reflect on what has been an eventful 12 months. Staples Rodway celebrated its 70th year as a chartered accountancy firm. Times have changed since 1945 when the firm was founded, and we are now heading into an era where clients are wanting more information much faster and in multiple different formats. This year we launched Staples Rodway RealTime, being our cloud based accounting service offering that combines our tradition of integrity with the latest technology to deliver clients what they need anywhere, anytime. Enhancements and industry-specific applications will be rolled out over the coming year. In April this year, our joint venture with SBS Bank commenced with them acquiring a 50% share in SRAM, our asset management business which has continued to grow and record strong investment returns for clients. In June, our Christchurch office moved into new premises in Durham Street, Christchurch after nearly 5 years of uncertainty after the Christchurch Earthquake. With increased migration and domestic consumption the economy continues to grow with low inflation and low interest rates forecast for the ensuing years. To all our staff, clients and their families we wish you a Merry Christmas and Happy New Year and look forward to seeing you in 2016. Peter Guise CHAIRMAN, STAPLES RODWAY NEW ZEALAND

2 Introducing...

Staples Rodway RealTime

6 Critical Point Network

Even professional advisors need a little help

8 Common Ledger An inspiring startup

11 Banks & Risk

What you need to know

12  Health & Safety An accountant's view

14 IRD Focus

Foreign currency loans & bank accounts

16 Company Directors More than a title

18 Companies surplus to requirements?

Amalgamation could be the answer

20 It's complicated

Ready for IFRS 'Revenue from Customer Contracts'?

22 Staples Rodway Challenge 23 Movers & Shakers 23 School-Employer 'Beacon' Partnership 24 White Noise

Connecting a community through art

25 Reckon expertise

Staples Rodway Tauranga leads the way

25 Women in Business


STAPLES RODWAY REALTIME Introducing the new way of accounting‌ Staples Rodway RealTime. What you need, when you need it.

Article by Mark Kingsford STAPLES RODWAY REALTIME


HE BUSINESS ENVIRONMENT IS CONSTANTLY changing and we all face the challenge of adapting and keeping up to speed. Now it is easier than ever to keep up with those changes, and use them to benefit your business. We are proud to bring you Staples Rodway RealTime ( - an accounting service that delivers what you need anytime, anywhere. Combining the latest technology with Staples Rodway’s tradition of integrity Staples Rodway RealTime delivers the right accounting solution for your needs. We are “system agnostic” so we don’t force you down one route but rather help you choose the system that is best for your business. Using cloud accounting systems such as Xero and MYOB Live, combined with Staples Rodway expertise, we can streamline your accounting process. Whether you are a start up with big aspirations or a mature business looking for efficiency, Staples Rodway RealTime may be able to provide you with the right solution for today and in the future.

REALTIME REPORTING A cornerstone solution provided by Staples Rodway RealTime is RealTime Reporting which will help business owners make sense

of their numbers – whether those are the few key numbers that make the biggest impact or a full in-depth management report that allows you to manage your business effectively. As Mark Kingsford, Staples Rodway Director explains “Staples Rodway RealTime is a service that is focused on providing new accounting technology to our clients in a way that best suits their business. The technology acts as an enabler and results in clients receiving better information in a more timely basis to enable them to make better decisions.” Some of the information that may be reported, in a clear and easily-understood way, from your accounting data includes: ƒƒ Actual sales vs budget sales vs last year sales ƒƒ Gross Margin analysis ƒƒ Cash utilisation ƒƒ Debtor balances and debtor days ƒƒ Balance Sheet analysis ƒƒ KPI metrics ƒƒ Website hits and views Staples Rodway RealTime can assist in the creation of business budgets and clear reporting of actual results against those budgets on a rolling basis. We can also assist with easy consolidation of multi-entity groups. (cntd)

The RealTime Reporting Dashboard gives you regular snapshots of your business.

NUMBERS Summer 2015 • 3

More indepth reports to give you the full picture

CLOUD APPLICATIONS There are literally thousands of cloud applications or “AddOns” to the likes of Xero and MYOB. Performing tasks such as Inventory Management, Point of Sale vending and CRMs, they can be integrated with your accounting system to provide greater functionality to routine tasks. Applications are generally priced as software as a service (SaaS) meaning that you pay monthly to use. They can be

quick to install, but a word of caution, that ease and speed does not remove the need to select properly and install and configure correctly. We list here a few applications that we have worked with. We are always looking at different cloud applications so if there is anything you want to know please contact us. We can also assist with all other IT needs.

PACKAGES AND PRICES Staples Rodway RealTime is expected to resonate strongly with businesses who desire the latest technology combined with certainty of price. This is why we have introduced tiered monthly packages. REAL EASY is designed around the traditional compliance model of providing a business with financial statements, income tax returns and managing tax affairs albeit on a cloud based platform. It is geared to businesses which have their operations under control, have internal finance resource and need an accountant to complete year end documents. REAL BASIC adds an additional level of support to the above with assistance with bank account reconciliations and GST lodgements. The way the system is set up and running is the key element to be able to obtain the greatest efficiency, and so we provide an hour a month of accounting software support as part of this package. An advisor will meet with you annually and take you through a RealTime Management Report. REAL VIRTUAL CFO is ideal for those larger businesses with complexity or those who want more expertise. Having monthly financials is one thing but ensuring that they are robust and have integrity is another. This service is like having your own CFO providing you with management reports by way of regular meetings. Unlimited accounting software support means that you get it right first time. REALTIME BOOKS is a complete outsourced arrangement for your back office. We take care of all financial activities from recording payables, invoicing clients, payroll and GST so that you don’t have to. We train and manage your finance staff so that you can concentrate on running your business.

4 • NUMBER Summer 2015

FIGURED Figured on Farm is the complete cloud-based livestock tracking, farm budgeting and forecasting tool that helps farms improve farm performance and profits. It enables the whole farming team (farmer, accountant, banker, etc) to work together to improve the business of farming. WORKFLOW MAX Workflow Max is great for service and consulting businesses, e.g. architects, engineers. It provides a single platform for all your job, time and invoice management needs, as well as integrating with a number of other platforms to simplify your accounting, payroll and other business needs. UNLEASHED Unleashed is a powerful inventory solution for retail, e-commerce, manufacturers, wholesalers and distributors. It has the ability to track stock across multiple locations, flexible order fulfilment, and bill of materials, as well as many other features. SHIPIT ShipIt is perfect for eRetailers. Simplifying and automating (“with one click”) the process of delivering orders. It allows you to allocate to carriers, print packing labels and invoices and provides customers a means to track the status of their order.

Most packages include meetings with a Staples Rodway RealTIme Advisor

Tune into the next Numbers magazine for more on cloud accounting and what it could mean for your business. We will have regular updates on the latest in the cloud accounting space.

These monthly packages are a guide and Staples Rodway RealTime would look to provide you with a tailored service that is right for your business. As Mark says “taking time to apply the right services means that the business gets what it needs at the right price”. REAL EASY




1 hour per month






Provision of accounting software application Year end compliance including financial statements & income tax returns Accounting software support Bank account reconciliation GST return review & lodgement RealTime Management Reports RealTime Advisor meeting Month end procedures Book-keeping services Tax reminders & quarterly newsletter

NUMBERS Summer 2015 • 5


Article by Tracy Hickman STAPLES RODWAY AUCKLAND


The Staples Rodway Critical Point Network (CPN) provides professional advisors with access to our specialist skills, enabling them to meet clients’ expectations in areas outside their immediate field of expertise.


N ALL BUSINESSES THERE WILL come times when they reach critical points, and where serious decisions have to be made about complex problems. These decisions may involve tricky tax issues, valuations or financial modelling. Regardless of the type of decision, most business owners will seek help from their trusted advisors: accountants and lawyers. An advisor’s business depends on the quality of professional advice provided to clients, but in our increasingly complex environment it can be difficult to keep up with rapid changes and meeting clients’ needs when matters stray from the everyday. It is important in those situations that advisors have someone to turn to for advice when they need specialist assistance.

happy for Staples Rodway to engage directly with the client, although it could also have been handled through the lawyer. Staples Rodway do not accept direct approaches from clients who have been introduced to us by advisors.



Sometimes advisors need to call someone for assistance with a minor query, where going through the process of a formal engagement would be superfluous. CPN members can call Staples Rodway specialists at no cost if the time required to respond to the query takes 10 minutes or less, an invaluable resource when under the gun to deal with an issue.

CPN also allows members to interact with their peers and other potential referrers such as bankers and financiers, through seminars, events and an online forum.

TIMELY TURNAROUND We were recently contacted by a lawyer requiring urgent help for his client, who was considering purchasing a business. Our business valuation team used the limited information provided to arrive at a range of values within a couple of days of being engaged, enabling the client to reach an informed decision on their opening bid. In this instance, the lawyer was

KEEPING ABREAST OF LATEST DEVELOPMENTS With a combination of regular newsletters, technical updates and seminars, CPN provides advisors with up to date information. Recent seminars held for lawyers on understanding financial statements garnered excellent feedback. Further seminars are planned for early 2016, with topics to interest both accountants and lawyers, and the bonus of CPD or CLE points.

WHERE TO FIND FURTHER INFORMATION? The Staples Rodway website has a dedicated area for CPN Members, which includes an online registration process, further detail on the membership benefits and an overview of the specialist areas covered. Using the network is easy and membership is free. For further information on joining the Staples Rodway Critical Point Network, please contract Tracy Hickman in our Auckland Office on 09 373 1133 or NUMBERS Summer 2015 • 7


Similar to other industries, the accounting sector is undergoing a period of digital disruption – driving innovation and changing the way we do things. In the New Zealand market, companies like Xero have been instrumental in challenging the status quo and moving the accounting industry into the cloud. Out of this change an ecosystem of tech startups with cloud-based offerings has grown, including Common Ledger. They provide a fast and seamless cloud-based solution allowing accountants to directly import their clients’ financial information onto their systems for processing, no matter what accounting software is used.



E CAUGHT UP WITH COMMON Ledger’s CEO and cofounder Carlos Chambers, to get a first-hand insight into the ecosystem and how it has cultivated some of New Zealand’s next generation of entrepreneurs. Before working with Common Ledger, Carlos spent his early career as a commercial lawyer at Russell McVeagh. Since then, his diverse background includes time working on climate change research and advocacy and running a digital business accelerator. He tells us that the number one reason he spends his time and effort working on building technology businesses is because he believes in re-inventing the New Zealand economy from low-value, unproductive industries to high-value smart exportable technology that we can take to the world. Q: The New Zealand business environment is in the midst of a period of digital disruption - what do you see as the most relevant issues for early and mid-stage tech New Zealand businesses? A: For early and mid-stage Kiwi tech businesses a couple of key issues are capital and talent (boring and predictable, but true). Capital markets are improving, but they are still largely misunderstood. I think seed capital is easier to raise than ever before but growth capital remains elusive. You need funding to build big global businesses all the way from New Zealand and ideally the capital stays in, or at least some of it returns to, New Zealand. Talent at all levels (founders, employees, directors and advisors) is still catching up with change – the ecosystem is still maturing so growth in the depth of capability and experience has been something we’ve seen develop quite quickly over the Carlos Chambers, time I’ve been involved. CEO & Co-founder What Kiwi businesses have shown, however, is that in this environment we can succeed by finding, exploring and solving niche complex problems that do have a global market; and technology has allowed us to be able to scale these niche services to the rest of the world. You can unlock a whole big market by doing something niche really well and that is what we are doing at Common Ledger. Q: You have based your business in New Zealand, how did you address issues such as distance to market and capital raising? A: Yes, we had to face these challenges, but there some great things about being based in New Zealand too. New Zealand is 'small and flat' - you can meet and access anyone you need to, there's a strong support in the ecosystem and other inspirational founders with amazing ideas, building amazing businesses. When it came to capital raising it was really just a matter of having a huge vision and telling that story to as many people as would listen! We made sure we talked to the right people and developed a great capital strategy. It is important to build appetite from quality investors who know your industry, understand your opportunity and can

follow on in later rounds – and once you make an offer close it out as quickly as you can! Q: Do you think enough investment/support is being provided from both Government and the private sector to navigate this changing environment? A: I am a huge advocate and supporter of work done by people like the late Sir Paul Callaghan and Professor Shaun Hendy at the University of Auckland who have analysed New Zealand’s challenges around innovation and productivity. I also think the Government has been doing a good job in this area and that Steven Joyce has his head around it. Technology exports are up around 4.5% over the last 3 years and growing pretty quickly - that is exciting. My family have been farmers for eight generations, but I find the New Zealand media’s obsession with the dairy price personally frustrating. The media conversation here around our local economy is always so heavily weighted on our reliance on global commodity prices (which, increasingly, New Zealand has little or diminishing control over) rather than celebrating our successes in the tech space. Companies like Fisher & Paykel Healthcare, Orion and Wynyard don’t get as much coverage and acknowledgement as I think they deserve. Q: With digital disruption the accounting industry is transitioning away from a compliance to more of a consulting based model, with professionals and clients focusing on live and relevant data. Where do you see the future of the industry going? How do products like Common Ledger sit in this period of change? A: The industry is starting to change and there is early momentum, but still has a long way to go. Common Ledger is an online software which connects accountants to clients by automatically collecting financial data from a client’s accounting software and delivering it into the accountant’s system or reporting tool in 60 seconds. We see our role as helping accountants navigate that transition from compliance to advisory and beyond, through giving them a tool to do so by giving them access to live highintegrity financial data and allowing them to use and leverage that data. We believe that up to date financial data is the lifeblood of future accountants and it's amazing what they can start to do with that data. Q: Choosing the right people to assist you in your business is important. How did your team come together? A: Getting the team right and being able to bring on the right people as we scale up has been the biggest challenge we faced in getting Common Ledger off the ground. Our founding members all met through Lightning Lab, New Zealand's digital business accelerator, and ended up taking Common Ledger through the programme. Doing this NUMBERS Summer 2015 • 9

gave us the chance to work together, build great relationships and find our strengths and weaknesses. Between four co-founders we had fantastic spread of the core skills - everything we needed to get cracking. Having good governance is also very important and our Board of Directors are pretty active. It’s important to find people who will add value to the conversation around the table. Choosing the right board members has been important to us. Our shareholder base is also glittering with talent and experience. Q: You transitioned from being a commercial lawyer, through a diverse range of other roles. What was the catalyst to stepping out into this entrepreneurial space? A: I was always fascinated by building businesses. Dad is a farmer, Mum was a long-time a freelance journalist and had her own company doing that. They were sort of entrepreneurial in their own right and were an influence in my way of thinking. I did various little projects and ventures at school and University. I decided Law was part of what I wanted to explore and get good at and thought that was a useful tool to shape and change the world – and it did teach me to think critically, to analyse and to build frameworks that helped me figure difficult things out. But feeling like I wasn’t making much of a difference in Law, I experimented with various different roles in which I felt like I could make a difference. I’m quite passionate about solving big problems and we found a whopper with Common Ledger. It was a chance for me to grow personally and professionally by working with great people, like our co-founding team, directors and advisors and I have always kept in mind how we can contribute to the New Zealand economy and how we can improve and enhance it – still lots of learning to go! Q: As an entrepreneur, what would be one tip that you would pass on to someone looking to take the leap into their own venture? A: I'm cautious of giving 'advice', I try not to but one key thing I have learnt is that things will take time, lots of it. It's fantastic to be aggressively ambitious about timing at the start but my experience has been it's taken longer than we thought. I've become a big believer in focussing on what I'm good at and finding great people I can work with on the things I'm not strong at. I probably still spread myself thinly but I have got better at finding people to plug gaps rather than trying to learn everything (which can be attractive too!). Q: Where do you see the future of common ledger? A: Solving this problem for the 80,000 accountants in our first four markets and taking them through the transition/ journey from compliance to advisory; being the world’s leader in digital financial data pipes; and leveraging those digital financial data pipe knowledge base and applying it to areas beyond accounting – ‘Common Ledger, the digital financial data pipes for accounting and beyond’. Find out more at 10 • NUMBER Summer 2015




OT THAT LONG AGO, ALL investments were measured against what was called the risk-free rate of return, which was normally the 90 day bank bill rate. During the Global Financial Crisis (GFC) of 2008, a number of large international banks came very close to collapsing and required bail-outs from the Central Banks, driven by public policy reasons. At that stage, in New Zealand there were no rules at all as to what would happen if one of our banks failed. If a bank failed the only options available were for a Government bail-out or liquidation of the failed bank. In the case of liquidation, depositors may not get access to their money until the liquidators had settled all claims. This process could take months or even years to be finalised, with investors unable to access their funds. This was the case with the collapse of finance companies, New Zealand’s own taste of the GFC, some of which are still working through the liquidation process after 7 years. Pre GFC, the majority of people had the impression that banks were government guaranteed but the reality is that there has never been a permanent guarantee in place on funds held in a bank. After the GFC, the Government did introduce a temporary guarantee for deposit funds held by banks and other financial institutions but this was only valid until 2011. To provide investors with some certainty as to what would happen if a bank failed, the Reserve Bank of New Zealand introduced a process called the Open Bank Resolution (OBR). Basically, the OBR is a process which allows for a bank to fail but to reopen the next day, with the customers having access to most of their money. A bank which fails would be closed and placed under statutory management. The losses would be assessed and if they couldn’t be covered by the shareholders and the bank’s capital, a portion of depositors’ funds would be frozen and set aside to meet the shortfall. Once a bank is placed under statutory management, the previous management of the bank would only be able to conduct business with the permission of the statutory manager. It would be unlawful for the previous management to conduct any further business without the approval of the statutory manager. One of the various definitions of risk covers default risk, where an investor loses all or part of their money due to the failure of the enterprise that they invested their money into. The OBR clearly spells out that depositors have the potential to lose some of the money in the event of a bank failure, which begs the question: is there really a riskfree investment? Risk comes in many forms, with some risks being avoidable and others unavoidable. It is important to understand all of the risks before committing to an investment strategy. The Reserve Bank website contains information about how bank disclosure statements can be helpful. More information on Open Bank Resolution generally can be found on the website at or contact one of the Authorised Financial Advisers at Staples Rodway Asset Management Limited on (09) 309 0491 or email




New health and safety reforms come into effect from 4 April 2016. If you are concerned about the cost of the health and safety reforms to your business, you’re not alone. But these work place changes are not going to go away, so Staples Rodway’s advice is to focus on the positive effects that will come out of these reforms.



O WHAT ARE THE BENEFITS? Some of them would be fairly obvious. The new rules are based on Australia’s. They have seen a 16% reduction in work related deaths since 2012 and have just reported the lowest number of work related deaths in 11 years. The costs of death and injury to the economy are significant. And the cost to the particular businesses involved in such tragedies simply can’t be quantified in dollars alone. These accidents will often close the work site while an investigation is carried out. Then there is the

grief, and possibly guilt or anger, of affected employees to deal with. There is reputational risk, customer risk, and the damage to employee morale, all of which affect production and sales. So in short, if businesses make their work places safer, they avoid both the direct financial costs, and the substantial indirect consequences (both financial and non-financial), which invariably flow from workplace accidents.



If you own or manage a business and you don’t know the answer, you need to go to the Worksafe website as soon as possible and familiarise yourself. A PCBU is a ‘Person Conducting a Business or Undertaking’, which for most purposes will be a business entity such as a company. The PCBU has the primary duty to ensure that health and safety measures not only cover its own workers but all other persons who may be affected by the work carried out by the PCBU. The Health & Safety Act requires PCBUs to discharge their duty of care to the extent that they have “the ability to influence and control the matter”. PCBUs cannot contract out of their duty. They need to make reasonable arrangements and coordinate responsibilities with other PCBUs to fulfil their duty, so far as is reasonably practicable. Most New Zealand businesses are privately-owned - where a husband and wife, or other close family members, are shareholder-directors or partners in a business. The new legislation refers to these people as “officers” of the PCBU. Officers don’t have the same duties as the PCBU, but at the governance level they do have a positive duty to be actively engaged in health and safety matters and to reinforce the fact that health and safety is everyone’s responsibility. Safety is now a “must have” on the minutes of any meeting of a company board. Wise owners are actively encouraging safety as part of their work place culture.

Some of our clients appear to be reacting to the new rules with an element of fear. A number are considering defensive strategies, such as splitting their businesses into separate parts in order to quarantine potential exposure. Even if your business can use this tactic to mitigate the risk, we’d suggest every business still needs to take measures to adapt to the new safety-conscious environment. PCBU’s will be watching each other, and sloppy PCBUs might find themselves being shut out of work. The new environment creates dependency between PCBUs on the same site. Wellrun PCBUs will only want to be associated with other PCBUs that also take health and safety seriously. The consequences of poor safety practices, let alone a bad accident, are now so severe that businesses working in close proximity must now be constantly aware of this common threat and, with this realisation, cooperation between PCBUs becomes vital. We also expect that, as a consequence of this new environment, the safety-conscious will start to distance themselves from any “cowboys” with a slack regard for safety. To finish this article on a positive note, businesses that “have each other’s back” are likely to develop trust, which we expect could lead to them looking for more opportunities to work together. At the end of the day, the objective is not about being able to pass the blame, rather it is to minimise the risk to your own employees, especially where that risk may be from the sloppy attitude of another PCBU operating at the same location. A number of our clients are reporting that this renewed focus of health and safety is promoting useful discussions both within their business and with the businesses they work with. We wouldn’t be at all surprised to see other benefits as a result, especially in areas such as job efficiency and planning for new projects. We accountants are stereotypically expected to be fixated on cost savings, but here at Staples Rodway we have a sense that the effort going on behind the scenes in organisations to respond to the health and safety reforms could be having other far-reaching benefits, including up-front planning, clearer lines of responsibility and actively managing risk.

To ensure the health and safety of people, the PCBU must provide, monitor and maintain: ƒƒ ƒƒ ƒƒ ƒƒ ƒƒ ƒƒ

 work environment without risks to health & safety; A Safe plant and structures; Safe systems of work; Adequate facilities for the welfare at work of workers; Information, training, instruction and supervision; The health of workers and the conditions of the  workplace; ƒƒ The safe use, handling and storage of plant, substances and structures.

THE COST OF GETTING IT WRONG The offence of exposing an individual to the risk of death or injury carries a potential maximum fine for a company of $1.5 million, for an officer of that company $300,000, and for an individual worker $150,000. The penalties are of potentially such an extreme amount that they could financially wipe out some businesses. The unfortunate irony of the situation is that businesses that are under financial pressure are probably more likely to take shortcuts in their work safety practices in order to save money and time. Some will continue to do this, but they do so at their peril. Some of our clients have asked whether they can insure against the possible cost of a prosecution and the potential fines that can be imposed. Our understanding, via various insurance brokers, is that insurance can cover the cost of defending a criminal charge, but insurance will not cover the cost of the fine. Insurance is of no help at all to the offence of reckless conduct, which carries a maximum prison term for individuals of five years.

WorkSafe NZ is recommending that all businesses prepare themselves for 4 April 2016 by ensuring that they: ƒƒ  Familiarise themselves with key concepts in the Health and Safety at Work Act 2015; ƒƒ Review their businesses’ existing health & safety practices; ƒƒ Identify health & safety risks in their business and take steps to prevent these from causing harm; ƒƒ Lead by example especially if they are at a strategic or key decision making level within the business (that includes Board members); ƒƒ Make health & safety an integral part of their everyday business – it will no longer be good enough to carry out a regular audit and assume all health and safety responsibilities have been met.

NUMBERS Summer 2015 • 13


IRD FOCUS Inland Revenue is using its information gathering tools to focus on New Zealanders holding foreign bank accounts, loans, properties and foreign investments. The New Zealand rules regarding such investments can be complex. Read on to see whether you may need to take care of some housekeeping before Inland Revenue comes knocking.



ANY IN NEW ZEALAND HAVE global links, both from periods when New Zealanders who live and work overseas later return home, and also from migrants from other countries. Each group are likely to retain some financial resources outside New Zealand, as well as what they transfer to New Zealand. Those overseas financial instruments can be foreign investments, overseas bank accounts and loans to or from overseas financial institutions. These can give rise to taxable income (or possibly deductions) in New Zealand under specific New Zealand tax rules which, in many cases, may be different to how those financial instruments are taxed overseas. While the transitional resident rules can exempt most non-New Zealand financial instruments for 48 months from the time a migrant becomes New Zealand resident or an ex-pat returns to live, in some cases that exemption does not apply or, if it does, will cease after 48 months. Over the last several years, Inland Revenue have begun using their information gathering powers, and information sharing agreements with other countries, to obtain data from banks and financial institutions regarding overseas investments and financial instruments. Inland Revenue initially focussed on overseas credit cards being used regularly in New Zealand by tax residents, as they were concerned these could be funded by undeclared overseas income. Inland Revenue have recently begun expanding their focus to investors who hold foreign currency loans and/or bank accounts. This includes taxpayers who have overseas investments (including rental properties) with overseas loans used to purchase them. Historically, this area has poor compliance and the IRD sees this as an opportunity to increase tax recovery. Generally a foreign currency denominated loan or a foreign currency bank account will be a financial arrangement under New Zealand tax law. This means that any interest received or paid and any foreign exchange gain or loss needs to be accounted for in the taxpayer’s New Zealand tax return. A taxpayer must return all foreign exchange gains as income. However, in order to claim a deduction for a foreign exchange loss, the tax payer must satisfy the normal tax deductibility rules.

UNREALISED FOREIGN CURRENCY GAINS AND LOSSES – TAXED Under the financial arrangement rules, unrealised gains and losses, as well as realised gains and losses from foreign exchange rate movements will usually need to be taken into account for income tax. In addition, the default position is that interest is required to be recognised on an accruals basis, not just when it is received.

UNREALISED FOREIGN CURRENCY GAINS AND LOSSES – NOT TAXED However, in some cases unrealised gains and losses can be disregarded. This is when the financial arrangement is an excepted financial arrangement and/or the taxpayer is a cash basis person. An excepted financial arrangement includes: ƒƒ When a cash basis person uses a foreign loan for private or domestic purposes,

ƒƒ B  ank accounts, provided the value of all bank accounts (both New Zealand and overseas) is under $NZ50,000 at all times during the income year. To be a cash basis person the following requirements must be satisfied: ƒƒ income and expenditure from all financial arrangements are under $100,000; or ƒƒ the total aggregate value of all financial arrangements are under $1,000,000; and ƒƒ the difference between cash basis and accruals basis income is under $40,000 Only individuals and trusts can be cash basis persons under the financial arrangement rules, companies do not have this option. For excepted financial arrangements and for cash basis persons, interest income is only required to be recognised when cash is received or credited to the account. Income or expenses from foreign exchange movements are only required to be recognised when they are realised. That is, when cash amounts are actually paid or received.

EFFECT OF CLOSING A BANK ACCOUNT OR LOAN When a financial arrangement either matures (i.e. is paid off), is remitted, or otherwise disposed of during an income year, a person will cease to be party to the financial arrangement and a base price adjustment is required to be calculated. This is a final wash up calculation required to ensure that all income and expenditure in relation to the financial arrangement has been brought to account for tax. A positive result is generally income to the taxpayer, a negative amount is deemed to be expenditure incurred and is deductible to the tax payer so long as the usual deductibility criteria is satisfied and there are no other restrictions.

WITHHOLDING TAX OBLIGATIONS When interest is paid to non-residents, in most cases there will be an obligation under New Zealand tax rules to deduct non-resident withholding tax at either 10 or 15% depending on the country of residence of the lender. Exclusions to this requirement arise when: ƒƒ the lender operates through a branch in New Zealand; or ƒƒ the lender is a Bank resident in Australia or the USA; or ƒƒ Approved Issuer Levy is elected to be paid instead, in which case this is payable at the rate of 2%. This non-resident withholding tax obligation is often completely overlooked by New Zealanders with loans from foreign financial institutions.

CONCLUSION It should be clear from the above that the compliance regarding overseas bank accounts and loans can be potentially complex and give rise to a number of tax issues. Inland Revenue are becoming more sophisticated and thorough about identifying New Zealand residents who hold such instruments, and may not have treated them appropriately for tax. If you have any foreign currency borrowings and/or foreign bank accounts, please contact your usual Staples Rodway advisor to discuss the potential implications. NUMBERS Summer 2015 • 15


MORE THAN A TITLE What does it mean to be a company director? Tracy Hickman examines the roles and responsibilities of company directors in New Zealand.

Article by Tracy Hickman STAPLES RODWAY AUCKLAND


HAT DO ALL OF THE following roles have in common?  ƒƒ Executive director working in the business every day; ƒƒ Independent director attending monthly board meetings; ƒƒ Non-executive director, who is the spouse of the business owner and has no involvement in the business; ƒƒ Non-executive director who is the accountant or lawyer to a business and attends monthly board meetings; and ƒƒ  New Zealand resident director for an overseas owned business, who reviews annual accounts and attends a board meeting once a year. The answer is that they all have the same responsibility for the governance of a company regardless of whether they are involved in the business every day, once a year or not at all! All directors have a legal duty to exercise their powers and duties with the care, diligence and skill that a ‘reasonable director’ would exercise. This includes taking steps to ensure they are properly informed about the financial position of the company and ensuring they understand the responsibilities taken on behalf of the company. The Institute of Directors and Financial Markets Authority have produced a clear and simple guide for directors. It sums up the essential duties and responsibilities of a director as being to: ƒƒ be honest; ƒƒ act with integrity; ƒƒ act in the best interests of the company at all times; ƒƒ have the right mix of skills and experience; ƒƒ understand risk and be responsive to risks and conflicts; and ƒƒ ask the hard questions until you are satisfied you can make a decision. See for the full guide.

WHY IS IT IMPORTANT TO UNDERSTAND THE RESPONSIBILITIES OF DIRECTORS? As we cover elsewhere in this issue, new health and safety rules bring new duties for directors and much greater penalties. As well as this, there are several other areas that directors should take into account. If you are a director of a business, you can be held liable for debts if your conduct is deemed to have been reckless, fraudulent or not in the company’s best interests. Reckless trading occurs where business has been conducted in a manner likely to create a substantial risk of serious loss to the company’s creditors. Warning signs to look out for are when the company cannot pay its debts as they fall due. Where directors allow a company to trade recklessly, a director may be personally liable for any unsatisfied claims made against the insolvent company by creditors. A director need not act knowingly to be caught by the reckless trading provisions, so even directors who were not aware of the threat of insolvency may still be liable. Directors may also be personally liable in a number of other instances, such as when making negligent misstatements. In addition, there are over 100 sections of the Companies Act 1993 of which a breach can constitute a criminal offence. In almost all of these sections, criminal liability is imposed on the directors personally, in addition to the company. Penalties can be up to $10,000, depending on the offence. More serious

dishonesty offences can carry up to 5 years imprisonment or a fine of $200,000.

IF YOU ARE A DIRECTOR, HOW CAN YOU MITIGATE THE RISKS? Familiarise yourself with the Companies Act requirements, and the legislation that the company operates within, including consumer laws, employment legislation and health and safety legislation. The company may also be subject to a specific regulatory authority, such as the Financial Markets Authority. Ensure that you have a thorough understanding of the company and how it intends to make a profit, meet the management team and review the financial statements. Don’t be afraid to ask questions and challenge information provided to you. If you are responsible for signing financial statements, read them and don’t sign off anything that you don’t understand. Directors and Officers insurance can be arranged by a company on behalf of its board for officers of the company and its subsidiaries, and for the company itself. Coverage usually provides for: ƒƒ The costs of personal legal representation incurred by individual directors and officers in the defence of any civil or criminal proceedings. ƒƒ  Settlements or judgments, including claimants costs awarded against directors and officers where no indemnity is given by the company. You will need to check that the Constitution of the company allows for Directors and Officers insurance to be arranged.

WHAT IS A ‘DEEMED’ OR ‘SHADOW’ DIRECTOR? Advisory boards, professional advisors or experienced individuals may be called upon to assist companies to develop strategic direction and provide guidance. In doing so, advisors may unwittingly expose themselves to potential statutory liability by virtue of becoming a “deemed” or “shadow” director. A shadow director is someone who has the power to direct the actions of an appointed director or the Board as a whole, exercising control behind the scenes. The key issue to be aware of as an adviser is that advice may be construed as a direction rather than a recommendation. Furthermore, where there is a pattern of behaviour that suggests the Board or a director simply acts on the advice without challenging it, a Court is likely to find that advisor or members of that advisory Board are themselves shadow directors. An unwitting deemed director could potentially be liable to contribute to the company’s assets, be subject to criminal sanctions or even be held personally liable for breaches of trust or directors duties. Advisors can take practical steps to avoid attracting unintended liability as a shadow director by ensuring that they: ƒƒ operate under clear terms of reference; ƒƒ keep clear minutes of all meetings; ƒƒ hold meetings separate to Board meetings; and ƒƒ use language that reflects the advisory nature of the relationship. If you need assistance in understanding your role as a director, or have questions on other areas of governance, please contact Tracy Hickman from our Auckland Corporate Advisory team, or your usual advisor. NUMBERS Summer 2015 • 17


AMALGAMATION COULD BE THE ANSWER If you own, manage or administer a group of companies you will be aware of the time, cost, and on-going compliance required to maintain those companies. This is a waste of resources if those companies are now no longer required. In many cases amalgamation may be the easiest and cheapest answer to remove an unneeded box from the structure chart and reduce continuing compliance costs.

Article by Catherine Matson STAPLES RODWAY AUCKLAND


HE COMPANIES OFFICE DEFINES AN amalgamation as the merging of assets and liabilities of two or more companies, with one continuing as the amalgamated company, and the other or others being removed from the register. Once amalgamated the business activities, if any, of the entities that cease to exist will now be undertaken by the amalgamated company. Amalgamations are governed by the Companies Act 1993. There are two types of amalgamation, being long form amalgamation and short form amalgamation. Long form amalgamations take place between companies that are not part of the same group and require approval from each separate group of shareholders. In a long form amalgamation there will be compensation provided to the shareholders of the companies that will cease to exist on amalgamations. This compensation can be in cash, but is often shares in the amalgamated company. Short form amalgamations are for companies with the same ultimate owners (i.e. in the same group) such as subsidiaries or sister companies. Short form amalgamations are a very simple process and only require notices to be provided to any secured creditors, as well as preparation and execution of directors’ resolutions and directors’ certificates, and notification provided to Companies Office. For both short form and long form amalgamations, Inland Revenue are required to be notified within 63 working days after the amalgamation documents are lodged.

Have you looked at your

STRUCTURE CHART lately? WHATARE THE BENEFITS OF AN AMALGAMATION? Reduced compliance costs Even non-trading companies incur costs such as the filing costs of the annual return, the preparation of special purpose financial statements and annual resolutions. Trading companies incur even more compliance costs. By reducing the number of companies in the structure the compliance costs will reduce. If the amalgamation is of a number of entities operating in the same business, such as separate companies originally set up for geographical reasons, an amalgamation of these companies into a single company will not only reduce annual compliance costs, but could also reduce the ongoing costs of filing separate GST returns, FBT returns, statistics NZ forms and other documents. If effective systems are in place you can continue to prepare monthly accounts providing the geographical financial data, without the additional compliance costs.


Are there companies that are no longer trading and have no reason to continue?

Are there companies doing the same activities, but through different trading entities? Could these be trading as one entity with a number of branches? Reduced liquidation costs Amalgamation can be a useful pre-liquidation step if multiple companies are involved. There are a number of fixed costs with liquidations regardless of the trading activities that occurred prior to liquidation. Prior to a solvent liquidation different companies within a group could be amalgamated and the resulting single company then placed into liquidation.

What was the purpose of that company again? Tidy up of related party balances Often within a company structure there are companies with significant related party liabilities offset by other entities with significant related party advances. An amalgamation provides the opportunity to tidy up these balances as on amalgamation of the related entities these balances no longer exist. Tax rules are generally neutral for amalgamations but advice should be taken as issues can arise if a debt is eliminated on amalgamation and the debtor is insolvent. Tidy up of retained earnings/accumulated deficits There may be a group where a company has an accumulated deficit and other companies with un-imputed retained earnings. If these companies were placed into liquidation without some thought to both the accumulated deficits or the un-imputed retained earnings there could be significant tax issues. Subject to a number of requirements the company with the un-imputed retained earnings can be amalgamated with another company that has accumulated deficits (previous accounting losses). Following amalgamation the resulting retained earnings will be the sum of both entities’ retained earnings. If the amalgamated entity is then liquidated the resulting unimputed retained earnings could be significantly less. This can also be a benefit of amalgamations even when there is no intention to liquidate after the amalgamation. There are various tax issues to consider on amalgamations such as the calculation of the amount that can be distributed to shareholders on a tax free basis (available subscribed capital), imputation credits, debt forgiveness and tax losses. Advice should be obtained prior to any amalgamation taking place. Amalgamations are a simple, cost effective process providing an opportunity to reduce ongoing compliance costs, tidy up related party balances and retained earnings issues and provide a more streamlined structure prior to liquidation. To find out more about how this could assist you, please contact your Staples Rodway advisor. NUMBERS Summer 2015 • 19


IT’S COMPLICATED. As a generalisation, IFRS 15 ‘Revenue from Customer Contracts’ is likely to see more revenue deferred than under the existing standards. Its operative date of January 2018 might seem a long way off. It isn’t, especially when you consider the complexity of IFRS 15 Revenue from Contracts. It supersedes NZ IAS 18, Revenue, and NZ IAS 11, Construction Contracts.


HE STANDARDS-SETTERS HAVE JUST GIVEN you an additional year to prepare – there is a message in that.

WHY CONSIDER THEM NOW? Let’s start with the most technical reason. Paragraph 30 of NZ IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, requires entities to disclose the impact of standards issued that are not yet effective in all financial statements from the date of issue to the date of adoption – in other words, now. Now a few more practical, operational reasons. IFRS 15 is likely to result in changes to your reported results, customer contracts, bonus schemes, bank covenants, budgets, IT systems, accounting manuals and disclosure templates. Implementation of IFRS 15 will be the responsibility of not only your finance team. Various staff will need to be involved to ensure that the transition is accurate, seamless and minimises stakeholders’ surprises. The time needed to determine the impact of IFRS 15 on an organisation will be significant. Each aspect of the contract and revenue process will need to be scrutinised, and a plan for implementation developed. The more and varied contracts you have and with customers in different parts of the world, the more complex is the task.

IFRS 15’S KEY PRINCIPLE ‘An entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.’ 20 • NUMBER Summer 2015

Article by Geetesh Raniga STAPLES RODWAY AUCKLAND

What does this actually mean? IFRS 15 has introduced five steps that need to be satisfied before an entity can recognise revenue. They’re summarised in the table below with guidance on how to address them. STEP


Identify the contract with the customer

What is the contract (written/verbal/implied)? Does it have commercial substance? Accounting for individual contracts or combination of contracts?

Identify the performance obligations in the contract

Significant judgement required to identify these – obligations need to be distinct Performance obligations will not necessarily be the same as those in existing contract milestones or cash flows Upfront/registration/set-up activities are not likely to be a performance obligation

Determine the transaction price

Use of estimates Variable consideration (e.g. discounts, incentives, penalties) Upfront accounting for refund liabilities

Allocate the transaction price to the performance obligations in the contract

Methodology for determining stand-alone selling price Judgement required to allocate total contract price to performance obligations Which performance obligations is the discount allocated to?

Recognise revenue when (or as) the entity satisfies a performance obligation

Is the performance obligation satisfied over time or at a point in time? What does the revised revenue recognition pattern look like? What if the estimates of the progress changes?

Other areas to consider What follows are just a few of the other things to consider: a. C  ONTRACT COSTS: The costs to obtain and fulfil a contract are capitalised if certain conditions are met. This has been the practice with construction contracts within the scope of NZ IAS 11 in the past, but it is now relevant for all contracts with customers. The amortisation period needs to be determined. There are also impairment considerations to tackle. b. T  RANSITIONAL GUIDANCE: IFRS 15 provides a choice on transition of either: ƒƒ Full retrospective approach – that is, restating revenue relating to contracts in place at the transition date in accordance with IFRS 15, or ƒƒ Partial restatement approach – apply IFRS 15 for the current year only, that is, restating contracts in place at the beginning of the current reporting period and recognising changes in the current year. c. C  ONTRACT MODIFICATIONS: If the contract is modified by any party, then an assessment is required regarding whether the modification is, in effect, a separate contract or whether it is a modification of the existing contract, which would result in a revision of assumptions made to date. d. R  IGHTS OF RETURN: Estimates of the expected refund liability and associated asset is to be determined at inception date and revised at each reporting date. Changes in value are adjusted against revenue rather than in an expense account. e. D  ISCLOSURES: Existing standards have minimal disclosures in relation to revenue. This is not the case under IFRS 15. Disclosures are extensive and will need to be carefully considered. Additional disclosures include: ƒƒ Information about contract balances ƒƒ Information about performance obligations ƒƒ Explanations of significant judgements, and ƒƒ Assets recognised in relation to the obtaining or fulfilment of contracts.

IFRS 15 is a business risk that needs to be managed. Start the process with a diagnostic review so that you can see how it will affect your business. Don’t wait; start now.

TO DO LIST 1. M  ake some time to consider IFRS 15 (sooner rather than later) 2. Understand existing revenue-recognition practices, including reviewing existing contracts with customers 3. Read IFRS 15 in the context of your organisation and existing contracts – identify areas of potential change 4. Apply the requirements of IFRS 15 to your existing contracts and understand their impact 5. Form an implementation committee with representatives from relevant divisions or external advisors (legal, finance, sales, contract management, project management) 6. Identify deficiencies in existing systems that will prevent your capturing relevant IFRS 15 information 7. Determine whether changes to existing contracts are needed 8. Formulate a communications strategy for key stakeholders, for instance, banks, shareholders and most importantly customers 9. D  evelop a project plan, and 10. Seek expert assistance.


HE STAPLES RODWAY CHALLENGE, HELD on 21 November 2015 was another huge success this year thanks to all our great sponsors, supporters, participants and the staff from the Staples Rodway Hawkes Bay office. Each year all surplus funds from the challenge go to charity. This year’s charity, the Hawkes Bay branch of Cystic Fibrosis, was thrilled to receive a $10,000 cheque at prize giving. Participants were pleased too, to discover that this year’s river crossings were much warmer than last year. Due to the tides working in our favour, we were able to hold it a month later! Staples Rodway offices in Taranaki, Tauranga and Wellington joined the team in Hawkes Bay in representing their offices well.

Greg Stevenson and Claire Fisher representing Cystic Fibrosis, and Philip Pinckney, Director Staples Rodway Hawkes Bay.

The event is now regarded as one of the most popular sporting events in the region. It takes in some of the Bay’s

Andrea Stevenson was the first female walker

most stunning landscapes on a course that is mainly on private land and includes windswept beaches, native forest, waterfalls, river gorges and stunning coastal farmland. The area includes world renowned five-star Lodge "The Farm", Cape Kidnappers Wildlife Reserve and passes through the largest gannet colony in the world. The course is 32km with three legs forming a triangle along the two sides of Cape Kidnappers and back across the headland, starting and finishing at Clifton Bay Café. The event encompasses Staples Rodway's commitment to their local communities, health and well-being, fun through participation and helping others through charitable endeavours. For further information on the event, please contact Sue McIvor at or visit our website


TAPLES RODWAY, AUCKLAND, HAS PROMOTED Tracy Hickman to Director Corporate Advisory Services. Tracy joined Staples Rodway in 2007, bringing over 20 years' industry experience; she’s worked with large multinationals through to small and medium enterprises in Europe and New Zealand. Tracy is a member of CIMA and CPA Australia, has a Joint Honours degree in Accounting and Management, and a Masters in Management with a special focus on Corporate Governance and Succession Planning. Tracy works alongside businesses on governance, succession planning and financial modelling; she sits on a number of advisory boards, and undertakes business valuations and due diligence engagements. Tracy represents clients in the manufacturing, property and service industries. Staples Rodway partner David Searle says: “We’re delighted to recognise Tracy’s expertise and outstanding commitment to clients with this well-deserved promotion. Tracy’s specialist skills, which include governance, mergers and acquisitions, and financial modelling, are a real asset to Staples Rodway and our clients.” In her spare time, Tracy enjoys long distance running, having so far completed 16 marathons and ultra-marathons.

Newly appointed Director, Tracy Hickman

Many of those events have been combined with her love of travel, taking place in remote locations including the Arctic Circle and on Mount Kilimanjaro. Tracy compares the challenge of planning and training for a marathon with that of running a business, both requiring determination and flexibility to achieve set goals.



WAIKATO-WIDE INITIATIVE TO CONNECT SECONDARY schools and industry is being heralded as “the way forward” for the region by business, education and iwi leaders. About 160 key leaders attended the Smart Waikato Leadership Summit and launch of Secondary School Employer Partnerships (SSEPs) in Hamilton recently, with the majority calling the initiative a winner. Staples Rodway Hamilton is a supporter of Smart Waikato, along with other leading businesses in the Waikato. Developed by the Smart Waikato Trust, SSEPs have been identified by Waikato Means Business – the region’s economic development strategy - as key in addressing the gap between education, training and skills shortages in the region. SSEPs will be piloted in five Waikato secondary schools in 2016. Waikato Tainui chief executive Parekawhia McLean said SSEPs are vital to addressing labour market demand and to seeing young people employed and “making meaningful contributions”. “Walking the talk is what we need more of. It’s what we need to do to see our region prosper. I’m ambitious for our region and we have some fantastic assets. The most important of these is our people and that’s where leadership by schools and businesses is critical.”

Hamilton Boys’ High School principal Susan Hassall said the leadership summit had given her a “wonderful opportunity” to make new connections in the business community. “There is a real opportunity for SSEPs to be a beacon project for the rest of New Zealand. Structured partnerships between schools and business will have a positive impact for us all. Hamilton is an ideal place for it because it’s the right size and a very business-focused city,” Susan said.

NOISE CONNECTING A COMMUNITY THROUGH ART When the opportunity arose to lend support to The Dowse Art Museum’s latest exhibition, Staples Rodway Wellington jumped at the opportunity to support art history in the making.


HE DOWSE ART MUSEUM IN Lower Hutt is a free public gallery and home to a significant collection of New Zealand art and contemporary craft. The Dowse opened its doors in 1971; it now boasts over 3,500 pieces by Kiwi ‘artists of significance’ and continues to add contemporary works to its collection. The Dowse’s latest venture is a collaboration with Séraphine Pick, arguably New Zealand’s most successful female artist. The team at The Dowse share a long-held appreciation for this Wellington-based painter, and was excited to join forces with Pick on a new book and exhibition. Given Pick’s prominence, The Dowse was keen to do something ambitious. “We wanted to do something bigger and braver than ever before,” says The Dowse Director Courtney Johnson. “We wanted to create the kind of book and exhibition that people talk about 10 years later.” But to achieve this required support. “It’s all very well having these bold schemes, however, we rely on backing from our local business community to transform concepts

An installation from the exhibition

24 • NUMBER Summer 2015

Seraphine Pick in the studio

into reality,” says Johnson. “Staples Rodway’s generous sponsorship for this project covered the print costs for the White Noise book. That drove down the retail price, making the book more accessible for a broader audience.” The book documents Pick’s 30-year career and offers a fresh, more immediate way to access the artist’s work. Featuring Pick’s complete works from the exhibition, the book draws readers into the artist’s studio with photos that capture the artwork taking shape. Notably, White Noise is the first Dowse exhibition to enjoy a six-month run, a nod to Pick’s standing in the art world. The artist’s latest collection mines the distortions of reality produced by the web; it draws on Pick’s own life experience as a teenager of the 1970s and a mother in the twenty-first century. The works mark a departure from Pick’s past gothic, almost fairy-tale style. The White Noise exhibition runs until 17 January 2016 and the book is available through The Dowse Gallery.



ECKON (PREVIOUSLY KNOWN AS QUICKBOOKS) is an accounting package widely used in the SME market and Staples Rodway Tauranga can boast employing the country’s leading Reckon consultant. At Reckon’s recent national conference the Accredited Consultant of the Year award for 2015 was awarded to Toni Jamieson. There are approximately 75 Accredited Consultants nationwide, and this recognition of Toni’s outstanding abilities was well-deserved. Toni has been involved with Reckon for a number of years, and was asked to be a member of the Reckon Accredited consultant council earlier this year. She is passionate about this area of our business and her role on the Reckon council includes attendance at council meetings throughout the year, providing support to product users (both internally and externally) and being involved in assessing user needs and recommending software updates to get the most out of their systems. Benefits of Toni’s involvement for Staples Rodway and our clients include the ability for us to keep abreast of emerg-

ing issues in this area, provide top-tier help and support for clients using the Reckon products, and provide direct feedback on software updates. Congratulations on this well deserved recognition of your efforts Toni.

Toni Jamieson with her award



HE STAPLES RODWAY AUCKLAND WOMEN in Business group had a fantastic event on Wednesday 18th November. The events provide a great networking opportunity, and are both informative and fun. During the evening, wine tastings were provided by Shelly Trotter and Gary Heaven from Mahurangi River Winery, who are long standing clients of Staples Rodway. Tracey Barnett, who we profiled this month on our website, gave a moving speech about the support needed for refugees and asylum seekers. Spot prizes and goodie bags were awarded to our guests on the night, with items kindly donated by L’Oreal Paris. For more information on upcoming events, visit our website at Please talk to your usual Staples Rodway advisor if you are interested, or know anyone who may be interested, in joining Women in Business.

Tracey Barnett, Staples Rodway’s Annette Azuma and guests

Staples Rodway’s Tracy Hickman & speaker Tracey Barnett

and inner rize w women p t o y p The s s Rodwa Staple

AUCKLAND Level 9, 45 Queen St PO Box 3899 Auckland 1140 Phone 64 9 309 0463 Fax 64 9 309 4544

WAIKATO 4th Floor, BNZ Building 354 Victoria Street PO Box 9159 Hamilton 3240 Phone 64 7 834 6800 Fax 64 7 838 2881

TAURANGA Level 1, 247 Cameron Road PO Box 743 Tauranga 3140 Phone 64 7 578 2989 Fax 64 7 577 6030

HAWKES BAY Cnr. Hastings and Eastbourne Streets PO Box 46 Hastings 4156 Phone 64 6 878 7004 Fax 64 6 876 0078

NEW PLYMOUTH 109-113 Powderham Street PO Box 146 New Plymouth 4340 Phone 64 6 757 3155 Fax 64 6 757 5081

STRATFORD 78 Miranda Street PO Box 82 Stratford 4352 Phone 64 6 765 6949 Fax 64 6 765 8342

WELLINGTON Level 6, 95 Customhouse Quay PO Box 1208 Wellington 6140 Phone 64 4 472 7919 Fax 64 4 473 4720


26 • NUMBER Summer 2015

Level 2, Tavendale Centre 329 Durham Street North PO Box 8039 Christchurch 8440 Phone 64 3 343 0599 Fax 64 3 348 0186

Staples Rodway Summer 2015  

Unwrapping new services - Staples Rodway Realtime & Critical Point Network | Common Ledger | Health & Safety | Company Directors | IRD Focus...

Staples Rodway Summer 2015  

Unwrapping new services - Staples Rodway Realtime & Critical Point Network | Common Ledger | Health & Safety | Company Directors | IRD Focus...