Tax Manager, New Zealand (Temporary)

Position Purpose

The NZ Client Delivery team covers a customer-focused group of functions specifically responsible for providing client service and support, effective interaction and day-to-day service delivery to clients. This team works closely with relationship management, the client and various operations teams of BP2S, in NZ and Australia and in offshore locations, and consists of the following underlying departments:

* Fund Accounting
* Unit Pricing
* Financial Reporting
* Registry
* Performance and Compliance services
* Tax
* Custody
* Change & Transformation

The services provided by Client Delivery include the generation of accurate daily unit pricing, fund accounting, financial reporting, performance calculation and reporting, mandate compliance monitoring, tax services and registry processing. As well as various reporting services in line with client Service Level Agreement (SLA) requirements, and consistent with BP2S policies, legislative requirements and operational risk guidelines.

This team also manages any client related change including onboardings, transitions and material change to existing clients and is responsible for the investigation, management and resolution of any client queries and issues. The team supports the ongoing fulfilment of service delivery to clients through representation alongside the Relationship Management and Client Service functions.

The Tax Manager role performs a key function within the Operations Division. There will be extensive interaction with the Fund Administration and Registry teams, the role will be responsible to tax technical development. Contribution to delivering client service and support by providing accurate and comprehensive technical tax reporting and meeting client Service Level Agreement requirements.

All services delivered within this role are required to consider current legislative and regulatory requirements in relation to tax, and they must comply with operational risk guidelines. Also the investigation, management and resolution of any client queries and issues relating to tax issues are the responsibility within this role. This role supports the ongoing fulfilment of tax administration services delivery to Clients.

There is a frequent requirement for this role to cross over between the Fund Administration and Registry departments and deal with a wide range of people and levels within the organisation. This requires the person to have strong communication skills and be able to establish and maintain effective relationships within the business as well as external to the business (e.g. clients, CFO’s and Trustees). It is also essential that the person is hands on and available to assist with taxation issues wherever needed within these teams.

It is essential that this candidate has a good working knowledge of all of the other sections in BNP Paribas and a strong understanding of the Fund Administration and Registry functions to be able to perform PIE tax administration.

This position can act as an ongoing trouble shooter for other areas and is responsible for investigating, analysing and resolving taxation queries, problems and differences that regularly arise during the tax reconciliation process or from the take on of new clients or products by BNP Paribas. It is essential that the team member has initiative, strong analytical skills and is able to work effectively with other team members to resolve any problems and to improve efficiency.

As BNP Paribas is very systems oriented the candidate is often required to investigate the systems to produce tax reports and information for clients, it is essential that there is a very good working knowledge of the systems that are in place.

As this is a growth business and clients increase in number and complexity, the ability to apply knowledge and see opportunities for process improvement and the implementation of efficiencies will be highly valued.

The Tax Manager also plays a crucial role in the analysis of errors, including reviewing the calculation of corrections and impacts to various transactions/processes.

* Contributory leadership participation with the NZ business
* Actively participation in client presentations and meetings (as required)
* Act as an internal SME for client RFPs and Due Diligence
* Provide technical advice and leadership to production teams in the execution of client initiatives which would include but not be limited to:

* Client Fund Restructures
* Complex Transaction Analysis and Compensation Calculations
* Error analysis

* Assist in the technical training of team members
* Technical subject matter expert for the NZ Unit Pricing function
* SME for the NZ Operating Model with sound understanding of the NZ PIE regime and fund structures

The role will be the business and technical expert who ensures the impact of any significant internal or external events are successfully managed.

The role also comprises substantial inter-departmental contact and as such requires excellent interpersonal ability as well as direct client contact to deal with queries and technical issues. The role requires a strong service ethic and quality focus applied through behaviours and work produced. The role must consider and meet operational risk and compliance requirements throughout the preparation and delivery of work and ensure relevant compliance records are maintained.

The role requires motivation to achieve individual and team goals and to growing technical ability and business knowledge. This will be achieved through participation in on-the-job training & education, attending industry forums and remaining aware of policy and regulatory changes.

Key Responsibilities

1) Taxation Administration

* Perform necessary tax reconciliations and set up additional controls and reconciliations as required.
* Undertake the tax administration of selected entities taxation obligations and reporting (including FDWP, NRWT, RWT, FIF (FDR) and PIE tax calculations, provisional tax and annual tax returns) in conjunction with tax advisers as appropriate.
* Acts as the tax reviewer for all tax administration carried out within operations.
* Identifying tax issues and being responsible for the resolution of these issues, using necessary resources.

This requires a detailed understanding of methodologies provided by Clients and tax advisors

2) Inland Revenue and Tax Return Reporting

Contributes to the accurate and timely completion of the tax reporting requirements, both for BNP Paribas clients and their investors. Ensuring deadlines for daily, monthly, quarterly, half-yearly and annual reporting, taxation and regulatory requirements are met. This involves :

* Ensuring correct fulfilment of tax reporting and compliance requirements in the Fund Administration and/or Registry area
* Extracting and compiling accounting, investor and taxation information for the relevant tax reporting packs
* Review of the reports and identifying and investigating/resolving variances before the information is issued to clients.
* Management and coordination of the settlement of IRD related payments

3) Statutory Financial Accounting

Responsible for contributing to the production of timely and accurate tax information for the Statutory Financial Accounts for selected companies and funds that comply with GAAP (NZ IFRS) and other tax regulatory requirements.

This involves:

* Compiling, analysing and reconciling tax information to produce the financial accounts that accurately reflect the tax effects of the entities.
* Preparing and providing tax information for both half and full year reporting as necessary.
* Providing support for collation of tax information for the audit packs.
* Resolution of audit queries, from the year end audit process and from ad-hoc internal controls review, relating to the tax reconciliations and disclosure processes.
* Assisting the Financial Reporting Analysts to ensure the accuracy and representational faithfulness of the financial statement information in order to ascertain the correct taxable income and tax positions.

This requires:

* In-depth knowledge of all Financial Reporting Standards, tax legislation, current issues and other regulatory requirements that impact upon the legal and financial framework of the entity. It also necessitates an in-depth knowledge of the products/ entities being reported on.

4) Regulatory Updates

* Identify ongoing tax legislative changes and tax issues for the business and in the industry
* Ensuring compliance with Managed Funds industry tax and associated accounting requirements
* Maintain awareness of changes in relevant tax legislation.
* Responsible for the review and ongoing monitoring of tax and unit pricing methodologies
* Compliance with International Financial Reporting Standards (IFRS), along with participation in gap analysis and preparation of comparatives.
* Understanding of Portfolio Investment Entity (PIE) requirements.
* Communicate relevant updates to the operational teams

5) Development of Tax Capabilities

With ongoing changes in statutory or regulatory requirements, the need to ensure that the Fund Accounting and Registry teams are kept up to date with the latest tax requirements. In particular for the following areas :

* Contribute to building and sustaining client relationships by supporting the efforts of the Operations Managers and the Relationship Manager
* The Tax Manager will be required to build strong client relationships and attend tax technical meetings with their Specialist Tax Teams.
* Ensuring appropriate tax resources and material are available to the NZ business.
* Assisting with the technical growth and development of team members
* Participation in on-the-job training and education, remaining aware of policy and regulatory change
* Managing and enhancing your own technical development ensuring your knowledge remains current in the relevant areas through ongoing study or participation in industry groups.
* Gaps and recommend/make improvements to the procedures
* Assisting in setting up reconciliation’s for new products or portfolios (as required)
* Liaise with BNP Paribas tax resources and with external tax resources to knowledge share on technical tax issues

6) Compliance and Operational Risk Awareness

The Tax Manager will need to be familiar with the Service Level Agreements (SLAs) maintained between BNP Paribas and their clients, with ad-hoc review to ensure the SLA is up to date and the taxation deliverables are being met. This also involves monitoring relevant Key Performance Indicators (KPIs) for the business.

* Ensuring appropriate controls are in place, including policy implementation for the area, compliant with tax requirements the operational risk framework.
* Awareness of the Service Level Agreements (SLAs) maintained between BNP Paribas and clients, with ad-hoc review to ensure the SLA is up to date and the deliverables are being met.
* Review of proposed tax treatment for new products and investments where required
* Consider and meet operational risk and compliance requirements in their work preparation and they maintain relevant compliance records.
* Creation of a strong control framework around taxation within the operations
* Continual analysis of tax processes and procedures to create more effective and efficient controls and procedures.

Up to date procedures must be maintained for all processes carried out within this roll

7) Analytical Work and Problem Solving

Responsible as a member of the Fund Administration Team for investigating, analysing and responding effectively to resolving queries, problems and errors or variances. This work requires that the team member has a high degree of initiative and strong analytical skills

8) Client Servicing

Contributes to ensuring that clients are provided with excellent customer service by promptly responding to internal and external client queries and requests for ad-hoc reports and information, ensuring that all such requests are within SLA guidelines.

9) Project Work

Involvement in project work, such as implementation of taxation changes and testing those impacts on the Operational processes.

In addition :

* Lead, manage and support respective operational teams in delivering contracted services to target (escalation, back-up, mentoring and counsel, including supporting staff)
* Acting as an internal technical expert

* in respect to new client transitions
* to process improvement initiatives
* to manage or assist with special projects as required

* Provide tax support – Responsible for providing tax support to all NZ Operation Teams where appropriate
* Provide expert assistance to the Change team to ensure accurate documentation of Gap Analysis, Process Evaluation and Business Improvement, including provision of recommendations on process improvement, in regards to tax impacts where required.
* Market & Industry Awareness – Maintain awareness of changes in market and industry systems and processes, which will be applied to the analysis and project delivery.
* The ability to anticipate and identify areas of focus or concern considering key business risks, compliance requirements and the needs and expectations of the business and its clients.
* Lead by setting a good example (role model) – behaviour consistent with words
* Coach and help develop team members
* Coordinate with internal and external customers as necessary
* Communicate effectively
* Actively lead and encourage collaboration with other departments
* Keep other teams and managers informed of task accomplishment, issues and status

Technical and Behavioral Competencies required

* Demonstrated history of being results focused and excellent attention to detail
* Demonstrated history of managing clients and third party providers
* Demonstrated ability to Lead by example – Walk the talk
* Excellent technical tax ability with strong knowledge of taxation treatment of financial products with exposure to tax issues within the funds industry.
* In-depth and comprehensive knowledge of Tax reporting requirements, including taxation disclosure for financial statements.
* Experience in the completion of tax returns, preferably with exposure to tax returns for managed funds
* Strong understanding of the requirements for Tax on Investment Income, Portfolio Investment Entity Tax regime and other provisions of legislation relevant to the managed funds industry
* Continuous review and update of taxation legislation, policies and industry changes is essential.
* Excellent understanding of fund accounting theory and practice, notably balance sheets and reconciliations
* Sound Knowledge of compliance and operational risk requirements in the industry
* Technical accounting ability, with strong understanding of accounting theory and practice.
* Working knowledge of a general ledger and investment management system
* Knowledge of investment markets and products with exposure to tax treatment of domestic and international securities within the Funds Industry preferred.
* Good theoretical and practical understanding of fund accounting, financial reporting and related operational risk and compliance requirements of the client service function.
* Strong technical knowledge in domestic and international securities, funds management, valuations, corporate actions etc
* Good theoretical and practical knowledge of key investment products, including Unit Trusts.
* A thorough understanding of unit pricing various types of entity
* Exposure to all functions within Client Delivery is preferable
* Effective people management skills
* Strong analytical skills
* Excellent communication skills, both verbal and written
* Approach conflict proactively, which means the sooner you resolve things, the better.
* Promotes an open and honest culture with a no blame attitude
* Freely develop and support others.
* Key System Experience

* HiPortfolio (or other Investment System experience)
* Experience with General Ledger and investment packages/ systems
* Microsoft packages
* Unit Pricing System (HiPortfolio, PControl or other similar UP systems)
* Excellent Excel skills (with macro level) essential

* Accountability – Take responsibility to deliver against personal and operational goals
* Client Focus – Complete commitment to provide professional, intelligent and timely responses to our clients’ needs and to changes in the market (both Internal and External Client)
* Impact & influence – Creates a positive and professional impact on others. Uses effective strategies to win others over. Exhibits persuasive representation of team and business objectives.
* Individual Leadership – Uses an appropriate interpersonal style to inspire and guide colleagues towards goal achievement. Adjusts behaviour to accommodate tasks, situations and individuals.
* Resilience – Continues to work effectively and pursue goals when faced with obstacles, periods of change and uncertainty, or resistance from others. Maintains effectiveness in uncertain or ambiguous situations
* Attention to detail – Ensures accuracy and implements processes to ensure quality of output. Ensures high personal standards in all areas of work.
* Change management – Displays flexibility to change and is open to new ideas. Encourages others to be open to innovation. Values feedback and gives people scope and confidence to generate ideas.
* Collaborative approach – Supports and shows respect for others. Puts people first, and works effectively with individuals, teams and clients.
* Creativity – Seeks to improve the organisation by taking new initiatives, sharing ideas and offering creative proposals
* Innovation – Proactively looks for opportunities for continuous improvement and thinks creatively
* Quantitative analysis – Understands and evaluates numerical data, tables, charts or graphs. Performs calculations, makes comparisons and combines quantitative information.
* Responsiveness – Adapts when facing new or unforeseen situations. Delivers on time the required service.
* Risk awareness – Adheres to the organisation’s processes and procedures. Demonstrates a good understanding of compliance issues and implements work practices that minimise operational and reputational risk
* Planning & Execution – Establishes courses of action for self and others to ensure work is completed efficiently. Effectively manages own time and resources to meet deadlines and quality standards.
* Technical/professional proficiency – Demonstrates a high level of performance in specific technical / professional areas
* Time Management – Planning, organising and prioritising own workload and critical tasks effectively to achieve individual and team goals, understands the importance of meeting deadlines.

Experience and Qualifications required

A minimum of 5+ years working in a senior taxation role, preferably in the managed funds industry.

Degree or Diploma qualified in Business or Accounting or equivalent relevant experience.

A minimum of 10 years commercial experience in fund accounting, unit pricing, custody and accounting / audit, with working technical knowledge and understanding of the full end to end process. You have substantial experience in Fund Administration, Accounting and reporting, you are recognised as an expert in fund administration, accounting and unit pricing. You have detailed technical knowledge of Products or Trusts, their tax treatment and compliance requirements.

The successful person will have an inquisitive and questioning mindset, good time management skills, with the ability to meet critical deadlines. Sound numeracy and analytical abilities are expected.

The person will need to demonstrate a quality focus ensuring the handling of queries or issues meet the requirements of departmental or client Service Level Agreements.

Operating from a customer-focused work ethic, the role will have the ability to think with an improvement focus, always looking to enhance the services provided. The role requires the ability to communicate effectively, both written and verbally, and to display good interpersonal skills to work with colleagues across various teams.

The role requires team participation and to assist subordinate team members in their technical growth and development where possible.

About BNP PARIBAS

As the leading European Union bank, and one of the world’s largest financial institutions with an uninterrupted presence in the region since 1860, BNP Paribas offers a wide range of financial services for corporate, institutional and private investors spanning corporate and institutional banking, wealth management, asset management and insurance.

We passionately embrace diversity and are committed to fostering an inclusive workplace where all employees are valued and encourage applicants of all backgrounds, including diversity of origin, age, gender, sexual orientation, gender identity, religion applicants who may be living with a disability. We have a number of internal employee networks in place to empower our staff to act and challenge the status quo.

• BNP Paribas PRIDE is highly active in favour of the LGBTQIA+ community
• BNP Paribas MixCity which fosters better representation of women at all levels of the organization
• Ability, the mutual aid network for employees with a disability or a disabling or chronic illness
• BNP Paribas CulturAll which celebrates diverse backgrounds

BNP is committed to financing a carbon-neutral economy by 2050. The Group is a founding member of the Net-Zero Banking Alliance and has set up its own Low Carbon Transition Group to support its clients through their energy transitions.

[1] https://careers.apac.bnpparibas/

More information
[2] BNP Paribas – Diversity & Inclusion Journey
[3] BNP Paribas – The Bank Of Green Changes

Award Obtained
BNPP has won Top employer Europe award in a 10th consecutive year