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

 


Dunne welcomes extended drought tax relief announcement


Hon Peter Dunne
Minister of Revenue


Thursday, 7 March 2013 Media Statement

Dunne welcomes extended drought tax relief announcement

Revenue Minister Peter Dunne today welcomed Inland Revenue’s decision to extend its income equalisation discretions to drought-stricken farmers for the second time in a week.

Last Friday, discretions to help provide tax relief were announced for Northland farmers after Primary Industries Minister Nathan Guy had officially declared a state of drought in Northland earlier in the week.

Today, Inland Revenue announced that it wold extend its income equalisation discretions to farmers in the South Auckland, Waikato, Bay of Plenty and Hawke’s Bay provinces. Mr Guy yesterday declared these provinces to be in a state of drought.

“Clearly, the farming sector is fundamental to our economy, so I am very pleased that Inland Revenue is able to help affected farmers by exercising its income equalisation discretions,” Mr Dunne said.

The scheme allows farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a not so good year.

Inland Revenue has decided to relax these rules by allowing late deposits from the 2012 income tax year to be made up to 30 April this year, regardless of when the 2012 tax return is filed or the due date for filing that return. Also early refunds will be allowed.

“Essentially, this will help farmers to better plan their cash flow planning at a difficult time,” Mr Dunne said.

Details of the Inland Revenue response for drought affected farmers can be found at www.ird.govt.nz

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news