New Zealand

Details

  • Service: Tax
  • Type: Regulatory update
  • Date: 28/03/2011

Tax

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 tax measures announced 

Issue 2, March 2011

 

The Government yesterday announced a range of tax measures to help Christchurch residents and businesses affected by last month’s earthquake.

 

    The measures, which the Government expects to enact in May, include:

     

    • providing an exemption so businesses do not have to pay tax or gift duty on trading stock they have donated within four months of either the September 4 or February 22 earthquakes
    • making certain welfare contributions provided by employers tax-free, within eight weeks of either earthquake
    • granting Inland Revenue the discretion to extend statutory tax dates on a case or class-of-cases basis.
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We welcome the announcements, which will provide (some) relief for affected businesses, including those that have made contributions to their employees’ welfare in the immediate aftermath.

 

Overall, the measures appear to balance sympathy for those affected with appropriate controls to protect the Government’s fiscal position.

 

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

 

Olive Wallis
Partner - Tax
KPMG
Phone: +64 3 371 4834

omwallis@kpmg.co.nz

Mark Lodder
Director - Tax
KPMG
Phone: +64 3 371 4859

marklodder@kpmg.co.nz

 

 

Paul Dunne
Partner - Tax
KPMG
Phone: +64 9 367 5991

pfdunne@kpmg.co.nz

 

John Cantin
Partner - Tax
KPMG
Phone: +64 4 816 4518

jfcantin@kpmg.co.nz

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

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