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farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a not-so-good year.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.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
There have been leadership changes at the Hamilton-based Dairy Goat Co-operative, which has been struggling financially in recent years.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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Another 16 commercial beef farmers have been selected to take part in the Informing New Zealand Beef (INZB) programme designed to help drive the uptake of genetics in the industry.
Trade Minister Todd McClay says Kiwi exporters will be $100 million better off today as the NZ-EU Free Trade Agreement (FTA) comes into force.
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