Procurement, tax and asset management for events
This page has information about tax, procurement and asset management for your event.
Tax and annual reporting requirements mainly depend upon the governance structure and set up of the event. We recommend you seek independent advice about tax issues and financial filing requirements.
Procurement is the process of obtaining all of the goods and services required to stage an event. It is ultimately about ensuring surety of supply and securing best possible value for money.
When doing procurement, always keep the event budget and cash flow firmly in mind. Put in place a clear procurement plan or strategy, with accompanying policies and procedures, to make sure the event's procurement is well-managed.
The New Zealand Government Procurement website has a useful guide to procurement section:
For one-off events, it usually makes sense to hire all tangible, non-consumable goods that are needed to run the event. However, in some instances it may be necessary to buy some assets.
This may be because:
- highly specialised items have to be purpose built, or
- hiring an item for a long period of time may be more expensive than buying it.
Bought assets need to be managed and a disposal programme put in place so that they can be quickly disposed of after the event (assuming that the event is not recurring).
Assets may be disposed of by:
- selling them
- distributing them as part of a legacy programme
- gifting them
- dismantling and recycling the components.
The ideal way to dispose of an asset is to sell it and recoup some of the costs, or to provide it as legacy. However the disposal method will depend upon the demand for the asset.
Organisers of recurring events will need to consider storage and security options for assets in between events.