NEW ZEALAND TAX COMPLIANCE

Designed to help Tax and Accounting professionals boost efficiency levels and minimise risks, Thomson Reuters' Tax compliance solutions take the strain out of managing tax provisions, tax return obligations and group tax planning.

As well as automating every step of the tax provisioning and reporting processes, our robust platform work as a tax knowledge base through features such as built-in instruction, review notes and comments areas. You can attach files and add your own 'free-form' statements, including links and formula for providing additional information, key to generating greater audit trails.

PowerTax is fully NZIAS 12 compliant and allows companies to adopt this new standard for the calculation of key balances and disclosures under the new requirements

YOUR NEEDS
OUR SOLUTIONS
Consistent set of comprehensive tax workpapers

Best practice workpapers

Protected and formatted schedules

Online comments/review notes - can be printed also

Integrated workpapers between tax provision and tax return calculations
Preparation of tax effect accounting calculations

IFRS compliant (NZ-IAS12) - Balance sheet approach

Regular reporting

Ability to report monthly, quarterly, half yearly, yearly or at other desired times

Automatic population of IRD forms

Re-use your tax provision work to start the tax return work

Prints out standard IRD forms in PDF format

Ability to update and print out forms multiple times

Consolidation of Group position

Ability to consolidate calculations

Allows consolidation from business unit, cost centre or legal entity

Ability to consolidate multi tier groups

Automatic upload of General Ledger data into calculations to save time and reduce the risks inherent in manual entry.

Upload Trial Balance data, Fixed Assets and other reports directly from Financial Systems

Import data for any period, at any time

A Central repository for tax data (e.g. 'Where is my spreadsheet?')

Stores tax-specific financial and non-financial data in an organised format

Stores other supporting financial information (excel spreadsheets, word documents, PDF files)

Sharing/Reviewing calculations

Calculations can be sent to other software users for review

All reports can be saved as "Excel" for distribution to non-software users

Web solutions offer easy online review and the option of collaborative usage with your professional advisors / agents.

Group Structure and reporting entity maintenance

Ability to generate multiple group structures

Keeps track of current and previous group structures

Prior Period Data

Past years closing balances are automatically rolled forward

Calculations for multiple years can be opened/accessed to review

Clear Audit trails

Extensive reports, cross-references, links and drill-down capability to easily visualise where all your key numbers have come from.