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

 

Strong Interest in New Zealand Bloodstock at Karaka Sales

Strong Interest in New Zealand Bloodstock at Karaka Sales

Media Release

29/01/2015

This week’s Karaka bloodstock sales can expect to see a nice swing to top-end colts that will eventually make their mark in the stud market, says Geoff Roan, Bloodstock Client Manager for Crowe Horwath.

“In part this reflects the influences of the changes six years ago to the Income Tax Act, which accelerated write-downs on colts,” he said.

The market was also feeling the impact of the recent amendment to the Goods and Services Tax Act, allowing overseas entities to register for GST if they are registered in their own foreign territory and don’t have a taxable activity in New Zealand.

“It was designed to make New Zealand an easier country to do business in, and I have seen a number of Australian businesses registering as a result of this change,” he said.

“Hopefully this will also have an impact on investment into New Zealand bloodstock.”

There are around 1,400 yearlings worth approximately $70-80 million at this year’s Karaka sale, which runs from 28-30 January.

“We have recently see the likes of Ocean Park (NZ), Sacred Falls (NZ), Rock n Pop (NZ), Criterion (NZ) and Sham Express (NZ), all purchased out of Karaka yearling sales and now going to stud,” said Mr Roan.

“These colts are now valued from $5-to-$10 million and have the chance of becoming successful stallions.”

Mr Roan said the New Zealand domestic market has been showing signs of strength, but the high dollar could potentially dampen overseas investor interest.

The continued support from foreign investment into New Zealand is vital, so we need to ensure our taxation policies are current, equitable, easily understood but also structured to encourage investment into the sector. The industry is valuable to the New Zealand economy and we need to remain competitive in a tough global market.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO:

Transition To Low Carbon: Mineral And Petroleum Resource Strategy

Responsibly Delivering Value – A Minerals and Petroleum Strategy for Aotearoa New Zealand: 2019-2029 has been developed to provide the direction for the sector in the transition to a low carbon and productive, sustainable and inclusive economy. More>>

ALSO:

MethaneSAT: Methane Satellite Mission Control In New Zealand

Mission Control for an international space mission to help tackle climate change will be based in New Zealand, with the Government putting $26 million towards the state-of-the-art satellite...More>>

ALSO:

Real Estate: Late Spring Surge

The continued shortage of quality real estate listings, coupled with record low mortgage interest rates have combined to add some zing to the property market over October. More>>

Wellbeing Stats: Finances Less Terrible And Less Great

According to results from the General Social Survey, the proportion of people who felt they had enough or more than enough money to meet everyday needs increased from 51 percent in 2008 to 63 percent in 2018, Stats NZ said today. More>>

ALSO: