Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Changes to tax depreciation rules in November

Hon Dr Michael Cullen Minister of Revenue

22 September 2004

Changes to tax depreciation rules in November legislation

A number of technical improvements to tax depreciation rules are to be included in legislation to be introduced by the Government in November, Revenue Minister Michael Cullen announced today.

“The changes will make the operation of tax depreciation rules more efficient which should reduce compliance costs for business taxpayers,” Dr Cullen said.

“Compliance costs will be reduced by measures that clarify and improve the application of various depreciation provisions and make special depreciation rules more flexible and more accessible to taxpayers,” he said.

The proposed changes are:

Deductions to allow for losses resulting from building and farm land improvements being irreparably damaged as the result of events outside a taxpayer’s control, such as natural disasters;

Depreciation deduction for a patent which is granted will include the period from the date the application was lodged to the date it was actually granted;

A relaxation of special tax depreciation rules to allow Inland Revenue greater flexibility in setting special depreciation rates;

Plant variety rights and the right to use them will be specifically included in law as depreciable intangible property.

The proposed changes are the first to be included in legislation of those canvassed in the July issues paper, ‘Repairs and maintenance to the tax depreciation rules’.

They will be included in a taxation bill planned for introduction in November and are expected to apply from the 2005-06 income year.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news