Introducing Opes Accounting [for existing customers]

Is Momentum Property your accountant? You need to know about two important changes. 

First, Momentum Property is changing its name to Opes Accounting. 

Why the change? Momentum Property has always been part-owned by the Opes Group. 

Last year, we streamlined our businesses. We brought them closer together to give you (our clients) a better service:

• Opes Partners got a new logo and look
• Catalyst Financial became Opes Mortgages and Opes Insurance, and
• Venture Management became Opes Property Management

So, it’s natural for Momentum Property to become Opes Accounting.

It’s not just a name change. We’re working hard to integrate all our systems to give you a better service.

The second change is that our business partner, Matt Harris, is leaving. He’s spending more time overseas and is focusing on his other businesses. 

That’s a fair bit of change, so you probably have a lot of questions. Here are the answers to many of the questions you may have. 

If you have any other questions, please send me an email at andrew.nicol@opespartners.co.nz

Q: When does the official switch happen?

April 1 2024, which is the start of the financial year. Once the financial year ends, Opes Accounting will sort your tax returns. 

Q: Does the price change?

No. Our pricing remains the same and we’ll keep it the same throughout 2024. That means the flat pricing model is still here. It’s:

• $1350 + GST (for the first property in an entity)
• $200 + GST (for every additional one)

We don’t have any plans to increase our prices. But like any business, it could change in the future. At some point in the next 10 years we’ll probably review our prices. 

Q: What do I need to do?

You will need to sign a new agreement with Opes Accounting. We’ll contact you in March, a month before the end of the financial year. 

This is when we’ll speak to you about your tax return anyway. 

For most clients, there’s nothing else to do. We’ll handle the grunt work and change everything with the IRD at the same time.

There will be a few more steps if you have a more complex setup, like a corporate trustee. If that’s you, we’ll be in contact.

Q: Do I need to tell the IRD anything?  

No. When you sign your new authority with us we will let IRD know about the change. 

Q: What if Momentum was my corporate trustee?  

In this case, your situation is a little more complex. Because Matt Harris is leaving Momentum Property, we’ll need to transfer your corporate trustee to a new accountant. 

For this, we recommend Sue Foley at Landley Law, although you can use any lawyer you like. We’ll be in touch to give you the special attention you need. 

Q: Are there any extra costs or fees?

No. Opes Accounting will grandfather everything as is. This means all old rules continue to apply to all existing situations. 

All existing Xero subscriptions from Momentum Property will stay with Opes Accounting too. So there’s no extra money to pay here either. 

Q: Why do I need to sign a new agreement if you are just changing names?  

Matt Harris used to own part of Momentum Property. As part of Matt leaving, the Opes Group is buying out his shares. 

As part of this, it’s standard practice in New Zealand to start a new company under a new name.

Because it’s (legally) a new company, we need you to sign a new authority. This is a one-off change that you won’t need to do again.

Q: What if I don’t want to stay with Opes Accounting?  

As of April 1, the company Momentum Property will no longer exist. If you would like to remain a client with Momentum, the answer is to stick with Opes Accounting. 

Effectively, it’s just a name change. The price, services, and all your details will automatically switch over. 

But you don’t have to stick with Opes Accounting if you don’t want to. If you decide to change your accountant, you can do that too. Let us know who you choose to move to, and we will help manage the transition.