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Submission Deadline Must Be Extended: Newman

Submission Deadline Must Be Extended: Newman

Tuesday 28 Sep 2004

Dr Muriel Newman - Press Releases - Taxation

ACT New Zealand Deputy Leader Dr Muriel Newman today urged the Government to extend the deadline for submissions on proposed changes to residential property depreciation rates, after a stunning response to her website that seeks to oppose Labour's latest tax-grab.

"Since launching www.depreciation.co.nz (http://www.depreciation.co.nz/) last Friday, we've received over 100 online submissions for the Select Committee, and well over 2,000 people have signed our online petition against the changes," Dr Newman said.

"I urge the Government to extend the deadline for submissions, which has been set for this upcoming Thursday. Since it's become obvious that residential property investors aren't aware of the IRD's proposed changes.

"If enacted, the changes would take an extra $22 million in tax from these investors. Because many residential properties are purchased as a way of saving for retirement, we need to allow proper education and consultation to take place. We can't just rush through changes like a bull at a gate.

"This change to depreciation comes at a bad time for property investors who are already facing uncertainties caused by the Government's halving of net migration and the upward pressure on interest rates caused by its increased spending.

"Depreciation rates are important to the 160,000 New Zealanders who own residential investment properties, and they deserve a chance to have their say," Dr Newman said.

ENDS



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