Shane Adams approached Ōmokoroa Accounting in March 2022 because he needed help with his financial statements for his family trust, and wanted a more personal, local service.  

The background 

The client, Shane Adams, approached Ōmokoroa Accounting for help with his financial statements for his family trust. In January 2021, the Inland Revenue updated the legislation for the Trust Act. As a result, this made keeping financial statements for a family trust more rigorous in terms of tax and compliance. The legislation changes have resulted in more onerous requirements on trustees to ensure family trusts are professionally managed and accounts are in order. 

Previously, the client had been using “town accountants” and big accounting firms. He felt he was getting lost in their admin and processes, he was always talking to a different person, and they lacked personal knowledge of his account.  He approached Ōmokoroa Accounting because he wanted a more personal, convenient, and local service. Somewhere he could just pop in. 

Shane says, “I didn’t necessarily need a local accountant, but I certainly wanted one.” 

Changing accountants 

The team at Ōmokoroa Accounting took over Shane’s family trust financials in March 2022. 

We provided a responsive service, where Shane felt he could just email, ring, or pop in if he had questions, and aimed to explain the process in a clear and straightforward way. We offered an efficient onboarding service for the client without the large set-up costs of the bigger firms. Furthermore, because of the Anti-Money Laundering Act, we were required to contact the other trustees to confirm they were genuine participants in the trust, which included Shane’s brother and lawyer. This was arranged by Zoom video call for an easy and efficient service.  

The result 

As a result, Shane now feels he has a local accountant that he can trust, someone he can get to know personally, and someone who provides the right advice accordingly. He says “It is a big plus to be able to see someone person to person. It is good value, local, and professional.” 

He has noticed an increase in responsiveness and feels assured that when he calls, we know exactly who he is, and where his file is, and can find the required information straight away, providing a far more efficient service.  

In his experience, he had felt that many accountants use unnecessary jargon. Therefore, we have aimed to provide a service where information is explained clearly and in a relatively straightforward way. 

At Ōmokoroa Accounting we understand the practicalities of trusts. We have 15 years of experience working with family trusts and understand the financial reporting of tax law and IRD requirements. Need help making sure everything is documented properly? Get in touch!