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Tax Changes Good News

23 November 2005 PR 148/05

Tax Changes Good News

A tax law change currently before a select committee includes a number of positive proposals that will be good for farming, said Frank Brenmuhl of Federated Farmers of New Zealand (Inc).

Federated Farmers encourages the government to pass the bill as soon as possible, said Mr Brenmuhl.

Mr Brenmuhl made the comments today to the Finance and Expenditure Select Committee. He was speaking in support of Federated Farmers' written submission on the Taxation (Depreciation, Payment Dates Alignment, FBT and Miscellaneous Provisions) Bill.

The tax bill deals with some important issues arising in 2004 and which affected farmers.

The first centres on taxation matters brought to a head by the February and July storms in the lower North Island and the Bay of Plenty respectively.

One change provides more advantageous tax treatment of goods and livestock donated to help farmers hit by severe flooding.

Donated goods and livestock will be treated under tax law as having zero value to both recipient and donor, removing the current taxation impediment to such donations.

The second improves the tax treatment of farm conversions, which involves regrassing and fertiliser costs. The proposals will result in depreciation rates more closely aligned with farming realities, and remove an impediment to economic growth in agriculture.

ENDS

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