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ADVOCATING FOR BOOKKEEPERS

Approved Advisor Group

On 7 September 2023, NZQBA were recognised as an Approved Advisor Group. This status enhances our ability to advocate for the Bookkeeping profession and offers our members valuable benefits.

Becoming an Approved Advisor Group highlights our members’ key role in providing expert advice on tax laws, strengthening their credibility and professional standing.

Approved Advisor Group

“The strength of the team is each individual member. The strength of each member is the team.”​ - Phil Jackson

What is it

Approved Advisor Group

An Approved Advisor Group is an official status granted by the Commissioner of Inland Revenue to organizations that meet specific criteria for providing tax advice.

While the organisation holds this status, it also provides significant benefits to our members.

What is an "Approved Advisor Group"?

An Approved Advisor Group is defined in Section 20B(5) of Tax Administration Act 1994 as a group that:

  • have a significant function of giving advice on the operation and effect of tax laws; and
  • are subject to a professional code of conduct in giving the advice; and
  • are subject to a disciplinary process that enforces compliance with the code of conduct

What are the benefits?

The main benefits of Approved Advisor Group status are:

  • Benefits to the Profession: NZQBA’s Approved Advisor Group status strengthens the representation and advocacy for Bookkeepers within the tax system, promoting high professional standards and ensuring integrity in tax practices.
  • Benefits to Members: Active NZQBA members gain increased credibility, client trust, and non-disclosure rights, enhancing their professional standing and protecting their clients' sensitive information.

Advantages for Members and the Profession

PROFESSION BENEFITS

NZQBA’s status as an Approved Advisor Group offers three key benefits: it elevates our members’ professional standing, advances the bookkeeping profession, and upholds the integrity of New Zealand’s tax system.

Advocacy and Representation

NZQBA’s Approved Advisor Group status enhances the representation of bookkeepers and their clients within the tax system. This broader representation helps to advocate for fair and equitable tax policies that benefit all stakeholders.

Professional Standards

By holding this status, NZQBA promotes the highest professional standards within the bookkeeping industry. Members are required to adhere to a strict code of conduct and are subject to a disciplinary process, ensuring that only the best practices are followed.

Integrity of the Tax System

With more bookkeepers operating under the Approved Advisor Group umbrella, the integrity of New Zealand’s tax system is bolstered. This wider representation contributes to a fairer, more transparent tax environment that benefits everyone.

Approved Advisor Group

MEMBER BENEFITS

Benefits to NZQBA Members

While Approved Advisor Group recognition is a significant milestone for our Association, it brings a host of tangible benefits to our members and the Bookkeeping profession as a whole.

  • Enhanced Client Trust: Clients feel more secure knowing their bookkeeper is part of a group that follows high standards, leading to stronger relationships and more business.
  • Non-Disclosure Rights: Members can protect clients' tax advice documents from being shared during Inland Revenue inquiries, adding extra security and reinforcing their role as trusted advisors.
  • Increased Credibility: Members enjoy enhanced credibility with clients and peers. This status serves as a mark of trust, reassuring clients that they are working with highly qualified professionals who adhere to the highest standards.
  • Professional Recognition: Members are part of an group recognised by the Commissioner of Inland Revenue, positioning them among the top levels of the Bookkeeping profession in New Zealand.

Reap the rewards

Being a member of an Approved Advisor Group offers significant benefits, including increased credibility and non-disclosure rights. Learn more about our membership options and how you can take advantage of these advantages by downloading our member info pack.

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EXAMPLES

Real-World Examples of Benefits

Here are some real-world examples showing how non-disclosure rights and enhanced credibility benefit clients and professionals alike.

Sharon, an NZQBA Qualified Bookkeeper, was assisting her client, a retail store owner, during an Inland Revenue audit. Thanks to the non-disclosure rights granted by her Approved Advisor Group status, Sharon was able to protect sensitive tax advice documents from being disclosed to the auditors. This protection gave her client peace of mind, knowing that their confidential information was safeguarded.

Example 1: Non-Disclosure Rights

Karen, a bookkeeper and NZQBA member, recently gained a new client, John, who owns a small construction business. John was choosing between Karen and another Bookkeeper but ultimately selected Karen because she is part of an Approved Advisor Group. The designation gave John confidence in her professionalism and expertise, assuring him that she adheres to a strict code of conduct and is part of a highly regarded organization.

Example 2: Enhanced Credibility

Danielle, a Bookkeeper for a small business, helped a client prepare for an Inland Revenue review. With her non-disclosure rights, Danielle was able to keep her advice private, ensuring that sensitive information about the client's financial strategies was not exposed during the review. This protection reassured the client and helped maintain their trust in Danielle’s professional services.

Example 3: Non-Disclosure Rights

Mike, a seasoned Bookkeeper, found that his affiliation with NZQBA as an Approved Advisor Group member helped him secure a contract with a medium-sized tech company. The company's CFO was particularly impressed by the NZQBA's recognition and felt reassured that Mike’s advice would be reliable and compliant with the latest tax laws. This designation set Mike apart from other candidates who lacked such credentials.

Example 4: Enhanced Credibility

Kamal, a Bookkeeper working with several freelance professionals, often provides detailed advice to help them manage their finances. One of his clients, a graphic designer, faced an inquiry from Inland Revenue. Kamal used his non-disclosure rights to ensure that the advice he had given remained privileged, preventing it from being accessed by the authorities. This capability demonstrated Kamal’s commitment to client confidentiality and strengthened his client relationships.

Example 5: Non-Disclosure Rights

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