Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Property Council Delighted with Taxation Bill

13 December 2006

Property Council Delighted with Taxation Provisions Bill

The Property Council of New Zealand is confident that the passage of the Taxation (Annual Rates, Savings Investment and Miscellaneous) Provisions Bill, passed last night, is a positive step to encourage savings and investment in New Zealand.

The Property Council worked on behalf of the property industry to ensure the Bill was passed with amendments regarding the taxation treatment of property investments.

“The final format of the Bill is a great outcome for the Property Council and our members, but more importantly for mum and dad investors in property,” says Paul Duffy, National President, Property Council of New Zealand. “It was imperative that the Select Committee reviewing the Bill standardised taxation treatment across the board to create a level playing field between various investment alternatives.”

If the Bill had been passed without amendment it would have exclude the majority of property trusts from being able to elect into the proposed Portfolio Investment Entity (PIE) regime.

“The Property Council was actively involved in working with ministers and officials to ensure the Bill provided an even-handed taxation regime. All of those involved were receptive and pragmatic with regards to the Property Council’s position. The resultant tax rules mean investors will make decisions based on the relative merits of the investment, rather than taxation advantages and disadvantages.”

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>