3 minute read
Tax relief measure welcomed
curriculum vitae
CV’s THAT STAND OUT. Don’t let your C.V. get lost amongst all the others. Get the WOW factor.
A C.V. For You can provide you with a
June 8
Historical NZ Herbalists, 7pm talk, Wesley Church Hall, 13th Ave, Tauranga. See letslearn. nz/tauranga-herb-society
June 11
Hamilton Bonsai Club
AGM & Sale, 2-4pm, St Francis Church Hall, Hillcrest, Hamilton. hamiltonbonsai.co.nz
June 12
Rotorua Botanical Society
AGM, 6pm, guest speaker Matt Renner, ex-Royal Botanic Gardens, Sydney, DOC o ce, 99 Sala St, Rotorua. All welcome.
June 12-July 17
Matariki Dish Challenge and Food Trail, Rotorua. matarikidishchallenge. co.nz
June 14
Free Home Composting Workshops, 12noon1pm, Recycling Centre, 20 Te Ngae Rd, Rotorua. See tinyurl.com/2s3nxr9f
Free Worm Farming Workshop, 1-2pm, Recycling Centre, 20 Te Ngae Rd, Rotorua. tinyurl.com/2s3nxr9f
June 15
Kids Night Walk of Discovery, 5-8pm, Ohope, family pass
$12.81. Repeats June 29. See tinyurl.com/ mrhkvd6n
June 16-July 26
Matariki Waikato Festival. See matarikiwaikato.nz
June 17
Matariki Market, 9am-2pm, e Historic Village, 17th Ave West, Tauranga. See theincubator.co.nz
Free Home Composting Workshop, 10-11am, Recycling Centre, 20 Te Ngae Rd, Rotorua. See tinyurl.com/2s3nxr9f
PULLETS
Farmers, growers and other businesses a ected the cyclones will have one less thing to worry about following the Government’s announcement on depreciation roll-over relief.
“It’s a repeat of measures that Federated Farmers advocated for in the wake of the Hurunui-Kaikoura earthquakes.
June 17
Free Worm Farming Workshop, 11am-noon, Recycling Centre, 20 Te Ngae Rd, Rotorua. See tinyurl.com/2s3nxr9f
June 18
E-waste Collection, 9-11am, Cambridge High School. See urbanminers.nz
June 22
Banff Centre Mountain Film Festival, 7.30pm, Holy Trinity, Devonport Rd, Tauranga, $25. See tinyurl.com/2esk45p7
Sculpture Park & Arboretum, 7.30pm, talk by John Wakeling, Wintec classroom, Hamilton Gardens (Gate 2), visitors $5. Ph Carmel 07 855 3404.
June 24
Banff Centre Mountain Film Festival, 7pm, Great Lakes Centre, Taupō, $25. See tinyurl.com/2esk45p7
June 24-July 2
NZ Garden Bird Survey. One hour of your time for citizen science. See tinyurl.com/5hxbtnu9
June 27-July 2
Creative Fibre Exhibition, 10am-4pm, Cambridge Town Hall, $2. See tinyurl.com/3fute5j6
June 29
Creative Fibre Craft Fair, 10am-4pm, Cambridge Town Hall, $5.
Kids Night Walk of Discovery, 5-8pm, Ohope, family pass $12.81. See tinyurl. com/mrhkvd6n
Banff Centre Mountain Film Festival, 7pm, PWC Lecture eatre, Hillcrest Rd, Hamilton, $25. See tinyurl.com/2esk45p7
June 30-July 16
Taupo Winter Festival. taupowinterfestival.co.nz
Email: editor@coastandcountrynews.co.nz free event under $50
“We’re very pleased the government has seen t to do the same for businesses hit by the severe weather events in January and February this year,” says Federated Farmers National Board member Toby Williams.
In 2011, the Government amended the Income Tax Act to provide taxpayers with property damaged or destroyed by the Canterbury earthquakes with the ability to defer a depreciation recovery income liability when property was destroyed and replaced using insurance settlements.
Similar legislative change happened after Federated Farmers wrote to the then Minister of Revenue after the HurunuiKaikoura earthquakes.
Where a depreciated insured asset is ese changes mean there are situations where it could be possible to build a new home on your section without the need for subdividing and/ or resource consent. destroyed there is often depreciation recovered, especially where the asset is insured for replacement cost. is depreciation recovered, which is taxable, is a reversal of depreciation previously claimed.
Due to population growth, the Government recently changed the rules around building on extra space you may have on your residential property.
“For taxpayers a ected by the Auckland storm and the two cyclones this could have resulted in a big tax liability, which is the last thing that hard-pressed farmers and other business owners need at the moment,” says Toby.
“ is is great news for people looking to bene t from the extra space they have on their property, securing their future with an investment property without the large costs of subdividing,” says Highmark Homes BOP managing director Ryan Hunt.
“We’re o ering to build a brand new three bedroom, 103m2 home from only $299,000 on your backyard
“ is seemingly dry technical change will be a relief to people and will make a di erence to the recovery.” or on your farm –depending on the speci c requirements of your site. We believe this could be a great option for people looking to build a quality new home in a cost-e ective way.” Highmark Homes was founded in 1965 by Bob Hunt and is now run by his son Ryan, making it one of the longest running building companies in the Bay of Plenty. e team at Highmark Homes is dedicated to building homes they can be proud of and o er a no-obligation, free site evaluation, providing expert advice on the best way to maximise any property.
Normally, the receipt of insurance proceeds for a destroyed business asset gives rise to depreciation recovery income. Rollover relief will defer the recognition of this income for tax purposes, provided there is a commitment to rebuild or replace the destroyed buildings or plant.
As an additional feature of the relief measures Revenue Minister David Parker has proposed there will be no requirement that replacement buildings be located in the same region.
Farmers and horticulturalists whose crops are uninsured should be able to separately claim deductions under existing legislation for the residual book value of destroyed trees and vines, and their removal costs, says the Minister.
As is always the case with weather events, the loss of uninsured assets (buildings, plant, crops vines and trees) is deductible. Inland Revenue will provide information on its website about the rollover relief.
For site visits and further information, call Sally on 027 536 1003 or visit highmarkhomes.co.nz/ region/bay-of-plenty/
