New Zealand


  • Service: Tax
  • Type: Business and industry issue
  • Date: 13/04/2011


Our tax advisory team has the skills and commitment to help you to be competitive and compliant in all areas of business tax.

Taxmail - Earthquake depreciation issues 

Issue 3, April 2011


Government today released a second set of tax measures in response to the February 22 Christchurch earthquake, this time dealing mainly with the destruction of buildings and the tax depreciation consequences therein.

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The new proposals


  • Rollover relief for depreciation recovered on buildings (and other business assets) destroyed by the recent earthquakes.
  • Changing the timing of deemed disposal of destroyed buildings for depreciation recovery purposes.
  • Allowing deductibility of losses when a building is not destroyed by an event (such as the recent earthquakes), but has to be subsequently demolished as a consequence.


Amending legislation is proposed to be enacted by July / August this year, with retrospective application from 4 September 2010.


The attached taxmail discusses the proposed depreciation amendments in greater detail:

If you have any questions on the above, please speak to your usual KPMG advisor or contact:

Olive Wallis



021 535 791

John Cantin

Partner – Tax


+64 4 816 4518


Paul Dunne

Partner – Tax


+64 9 367 5991


Taxmail - Comment on topical tax issues from KPMG NZ Tax. 

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