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The Government has recognised the need for ongoing support of earthquake-ravaged Cantabrians and extended two temporary measures introduced after the September 2010 earthquake for a further year, Revenue Minister Peter Dunne announced today.

Interest on late payments
Inland Revenue has the discretion to remit interest on late payments where people were unable to meet their obligations because of the earthquake extended.

Payroll Giving donations of $546,000 in March were the highest monthly total recorded since the scheme began 18 months ago, with the Christchurch Earthquake Appeal clearly convincing people to give more generously than ever, Revenue Minister Peter Dunne announced today.

“It is very clear that the March figures were hugely boosted by New Zealanders supporting the Appeal, and finding that Payroll Giving is a simple and efficient mechanism to allow them to do that,” he said.

The Canterbury earthquake tax bill passed yesterday will provide businesses and individuals with practical help and certainty in their tax affairs in the wake of the September and February earthquakes, Revenue Minister Peter Dunne said.

The main features of the new Taxation (Canterbury Earthquake Measures) Bill, are:

A bill tabled in Parliament today will provide real and practical help through the tax system to the people of Canterbury, Revenue Minister Peter Dunne said.

“Much has been said and written about the February earthquake. This bill represents concrete action to provide help that is both useful and practical” he said.

Mr Dunne said that the Taxation (Canterbury Earthquake Measures) Bill focused on the tax treatment of a range of situations where people could be negatively affected by current tax law.

Revenue Minister Peter Dunne today announced proposed changes to depreciation rules aimed at giving Christchurch businesses further tax relief, but with two of the measures to be extended to general tax law.

He said Cabinet agreed yesterday to three proposed changes in the rules for the tax treatment of depreciation, specifically around rollover relief, timing of deemed sales of destroyed insured assets, and losses on buildings.

The Government has put in place several tax relief measures to help Christchurch residents and businesses trying to get back on their feet after last month’s earthquake, Finance Minister Bill English and Revenue Minister Peter Dunne announced today.

“With the end of the tax year rapidly approaching, businesses and employers in Christchurch and around New Zealand need some certainty about the tax issues arising from the Canterbury earthquakes,” Mr English said.

Minister of Revenue Peter Dunne has welcomed the announcement yesterday by the Australian Government that Australian taxpayers can now make tax deductible donations directly to the Christchurch Earthquake Appeal.

“This is a very generous gesture from our friends in Australia. By making donations towards the Appeal tax deductible for Australian donors it recognises and encourages in a very practical way the significant contribution that people living in Australia are making towards our earthquake recovery efforts in Christchurch,” Mr Dunne said.

Although Inland Revenue had already put in place a number of urgent measures in response to last month’s Christchurch earthquake, the Government is looking at further measures in response to issues raised by the public, Revenue Minister Peter Dunne said today.

“I am very pleased with Inland Revenue’s response to the position people found themselves in after the earthquake.

New Zealanders will be able to donate their accumulated tax credits from donations they have made in the current tax year to the Christchurch Earthquake Appeal, Revenue Minister Peter Dunne announced today.

Last year tax credits claimed for donations were worth about $154 million.

“That is by any measure a substantial amount of money in tax credits, and if some or all of that were gifted to the Appeal, it would be a very significant level of gifting,” Mr Dunne said in an address to the Tax Agents Institute of New Zealand annual conference in Wellington.154

Revenue Minister Peter Dunne has confirmed that New Zealand donors to the Christchurch Earthquake Appeal announced by Prime Minister John Key on Sunday will be able to claim a tax credit or deduction on their donations.

He also said the fund would be treated as a tax-exempt entity.

“Many people are being very generous, from large businesses donating big sums through to individuals giving what they can and very generously,” Mr Dunne said.

Inland Revenue will take account of the impact of this week’s huge Christchurch earthquake when dealing with the tax matters of individuals and businesses affected, Revenue Minister Peter Dunne said today.

“Right now it is all about the human tragedy, saving lives and getting communities back on their feet and functional again.

“Tax will be the last thing on people’s minds if they have been affected by the earthquake, and they should not worry if they cannot meet a particular tax filing date,” Mr Dunne said.

Revenue Minister Peter Dunne today reminded New Zealanders that all Christchurch earthquake cash donations over $5 by individuals through approved donee organisations can gain a tax credit, and will be tax deductible when made by companies.

“This is worth being aware of at a time when New Zealanders are giving generously to the people of Christchurch in their hour of need,” Mr Dunne said.

A full list of approved donee organisations can be found at www.ird.govt.nz/donee-organisations/

The Government will amend tax legislation after IRD officials identified concerns with the tax implications of asset disposal costs, including demolition costs, from the Canterbury earthquake, Reve

Revenue Minister Peter Dunne today announced an extension to the redundancy tax credit.

Revenue Minister Peter Dunne today confirmed that Inland Revenue will offer Southland and South Otago taxpayers its usual adverse event assistance as the area recovers from the impact of brutal sno

Inland Revenue has been given the power to waive interest on late tax payments for Canterbury earthquake victims, Revenue Minister Peter Dunne announced today.