You might be on holiday, but tax isn’t
Inland Revenue (IRD) is not one for acknowledging the holiday season.
Now that drought has been declared by the Primary Industries Minister Nathan Guy, Inland Revenue says it will exercise discretion towards affected farmers.
The drought has been declared a medium-scale event on the east coast of the South Island from North Otago to Marlborough inclusive.
A spokesman for Inland Revenue told Rural News IRD will look at the financial situations of farmers to see how best to help them through this tough time.
Relief options include income equalisation deposits, for which discretion is allowed to make it even more useful, and assistance with the payment of tax when there is hardship.
The income equalisation scheme allows farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a not-so-good year. This preserves cash that can be applied for drought recovery and helps average tax rates for the year.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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