Tax relief move
PA Wellington Southland farmers affected by the recent floods may qualify for tax relief, said the Minister in charge of the Inland Revenue Department, Mr Falloon, yesterday. Farmers will get relief if they have been forced to sell livestock because of the flood and the resulting shortage of feed, and are unable to restock until a later financial year.
The relief will be available for sales made on or after January 28, 1984.
Under the Income Tax Act, assessment of the sale is deferred to the year in which the stock is replaced.
Mr Falloon said the department would also help farmers wanting to know if they qualified and would help with procedures to get tax relief.
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Press, 16 February 1984, Page 2
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120Tax relief move Press, 16 February 1984, Page 2
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