Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


National approach to tax reform needed


National approach to tax reform needed

A national approach to tax reform is needed to assist building owners with sesimic strengthening, Property Council argues in response to a report prepared for the Canterbury Earthquakes Royal Commission.

The report, a technical paper co-authored by Associate Professor Jason Ingham and Professor Michael Griffith, ‘The Performance of Unreinforced Masonry Buildings in the 2010/2011 Canterbury Earthquake Swarm’, proposes a single national policy for unreinforced masonry building maintenance and seismic strengthening.

It acknowledges the cost to upgrade about 3,867 unreinforced masonry buildings around the country is about $2 billion – significantly greater than the estimated $1.5 billion value of the total stock.

Property Council chief executive Connal Townsend said while the report acknowledged the need for ‘cost-effective strategy,’ it did not propose a solution.

“A national approach to tax policy, as opposed to Canterbury-specific tax policy, would help. In particular, the Government should allow earthquake strengthening costs to be deducted.

“At the moment, these costs need to be capitalised, effectively meaning no deduction because depreciation is now disallowed.

“Making these costs deductable would help property owners comply with the requirements of an increasing number of councils for buildings to the earthquake strengthened, while improving public safety.”

Property Council believes the Government should change its tax policy to allow an immediate deduction for all or part of the cost of rebuilding; allow a special depreciation deduction for repaired/new buildings; and to bring back depreciation for commercial building structures.

In a submission to the report, Property Council also argues the current review of the Building Code should be widened to include a review of section 112 (Alterations to Existing Buildings) and section 115 (Compliance Code Requirements: change of use) of the Building Act 2004.

Under those sections of the Act, buildings should be strengthened when the building is upgraded or a change of use occurs.

“The transition to upgrading New Zealand’s building stock is going to take time, and this should be acknowledged in a widely-consulted review that includes sections of the Act,” Mr Townsend said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Mosque Shooting Response: Ban On Military Style Semi-Automatics And Assault Rifles

Military style semi-automatics and assault rifles will be banned in New Zealand under stronger new gun laws announced today, Prime Minister Jacinda Ardern says... Related parts used to convert these guns into MSSAs are also being banned, along with all high-capacity magazines.

“An amnesty will be put in place for weapons to be handed in, and Cabinet has directed officials to develop a buyback scheme...All semi-automatic weapons used during the terrorist attack on Friday 15 March will be banned." More>>

RNZ Report: No Mention Of Right-Wing Threat In 10 Years Of GCSB/SIS Docs
There is not one specific mention of the threat posed by white supremacists or right-wing nationalism in 10 years of public documents from the Security Intelligence Service or the GCSB. More>>

Two Minute Silence Friday: Auckland Mosques Opening Their Doors To All
Mosques in the four corners of Auckland will open their doors on Friday night for people of all faiths to gather in remembrance of the 50 lives lost in the Christchurch shootings. More>>

For the Latest: Scoop Search - Christchurch

Gordon Campbell: On The School Climate Strike

Locally, the school strike has won a ton of support for bringing climate change to the fore. Yet the strikers don't want mere expressions of support. They want action. More>>


"Grabbed And Struck In The Face": Greens Co-Leader Attacked While Walking To Work

Green Party co-leader James Shaw was the victim of an unprovoked attack when he was walking to work in Wellington. More>>


████████ ████ ███: Latest OIA Statistics Released

The latest statistics cover 110 agencies that collectively completed 18,106 official information requests between July and December 2018, a 16.4% increase on the 15,551 requests for the previous six months. More>>


'Hit And Run' Inquiry: New Legal Action Over Secrecy

The lawyer representing the Afghan villagers in the inquiry into Operation Burnham has launched legal proceedings calling for a judicial review in the investigation. More>>


From Hydro Plan To...: Mokihinui River Land To Join Kahurangi National Park

A total of 64,400 hectares of conservation land in the Mokihinui River catchment on the West Coast north of Westport, including 15 km of riverbed, is being added to Kahurangi National Park. “Adding this area, roughly half the size of Auckland City, to Kahurangi is the largest addition of land to an existing national park in New Zealand’s history,” Eugenie Sage said. More>>





InfoPages News Channels