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

 


Dunne welcomes IRD support for North Island drought farmers

Hon Peter Dunne
Minister of Revenue


Friday 15 March 2013 Media Statement

Dunne welcomes IRD support for North Island drought farmers

With the entire North Island now declared to be in a state of drought by Primary Industries Minister Nathan Guy, Revenue Minister Peter Dunne today welcomed Inland Revenue’s decision to further extend its income equalisation discretions to drought-stricken farmers.

“I am pleased that Inland Revenue is helping out in these very difficult circumstances by extending its discretions to all drought-affected farmers,” Mr Dunne said.

“Clearly, tax will not be top of the affected farmers’ priorities right now, but I encourage them to talk to their accountants in the next two or three weeks as they will likely have longer term financial and taxation issues,” Mr Dunne said.

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farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a not so good year.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

“While Inland Revenue cannot do a lot, this may 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

 

Gordon Campbell: On The Ombudsman’s Verdict On Paula Rebstock And Ian Rennie

Unfortunately, the brave and damning report by Ombudsman Ron Paterson on the “flawed” and “unfair” inquiry conducted by Dame Paula Rebstock into events at MFAT pulls back the veil on a far wider issue. More>>

ALSO:

Charities' Report: Stressed Families - Overstretched Services

“Like so many of the whānau and families they serve social service organisations are under huge financial stress. The support demanded from desperate people in communities is far outreaching the resources available.” More>>

ALSO:

Detention: Wellingtonians Protest Treatment Of Refugees

Peace Action Wellington (PAW) and around 50 Wellingtonians blockaded the Australian High Commission, creating a symbolic detention centre to protest the Australian Government's policy of mandatory offshore detention for refugees and asylum seekers. More>>

ALSO:

Diver's Alarums: Breach Means Training Provider Must Repay $1.47 Million

The New Zealand School of Outdoor Studies is to repay $1.47 million (GST-exclusive) to the Tertiary Education Commission (TEC) following an investigation which showed that some student enrolments between 2009 -2014 could not be validated and that courses were under-delivered against their agreement with the TEC. More>>

ALSO:

Education: Government Plans Suggest Bulk Funding Return

Plans by the Government to return to bulk funding are likely to see increased class sizes and schools most in need missing out on much-needed resources, Labour’s Acting Education spokesperson Grant Robertson says. More>>

ALSO:

Interim Report: Auckland Looks Long Term To Pay-Per-Km Road Pricing

Aucklanders can expect to be paying variable rates per kilometre to travel on the city's most congested roads under an emerging transport strategy being formulated by the government and the Auckland Council. More>>

ALSO:

Despite Promises: Government Extends Iraq Deployment

Cabinet has agreed to extend New Zealand’s contribution to the joint New Zealand-Australia mission to train Iraqi Security Forces until November 2018. More>>

ALSO:

On The 'Terrorism' Card:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news