Quick to establish rapport
“As a new Financial Director, MGI did an amazing job in immediately establishing a rapport and building on the existing platform for continuous improvement,” Ben said.
“Right from the get go MGI helped us to fine-tune and improve our audit activities, strengthen our corporate governance compliance and straighten out some internal deficiencies.
“As a true business partner, today we continue to rely on MGI’s expertise and advice to support us in challenges and to improve our business,” he said.
Two projects that have stood out over time
Help understanding the impacts of a large offshoring initiative
Triumph International’s overseas head office were instigating a major reorganisation of local country finance functions that involved outsourcing certain finance functions to a third party facility operated in India. Each country subject to this had to consider the local impacts and any specific issues or requirements to enable it.
Being a complex, unique and new situation Triumph International (Australia) consulted MGI to assist in understanding specific issues in Australian taxation laws that would require specific attention.
Given the uniqueness of this request there was no precedent to refer to. The MGI team had to consider any unintentional consequences and strategies to circumvent these.
At the end of the day the aim was to ensure that the Australian entity was not disadvantaged in any way through the loss of involvement and control.
Special attention and subsequent record keeping was established to address capital gains tax record keeping, GST and FBT.
Identifying the optimal structure for Triumph’s New Zealand Based Entity
Over time the role of the New Zealand company had changed with many of its management, distribution and enabling functions centralised to Australia. Triumph found that their New Zealand office was functioning as a sales office only.