Tax relief for drought
PA Wellington The drought-stricken Waipukurau and Hawke’s Bay areas would be entitled to tax relief, said the Undersecretary of Finance, Mr Trevor de Cleene. Farmers would get relief if they had been forced to sell livestock because of the adverse climatic conditions and were unable to restock until a later financial year. The relief would be available in respect of forced livestock sales made on or after October 1, 1984. Under the provisions of
the Income Tax Act, the assessment of the proceeds from the sale of stock would be deferred to the year in which the stock was replaced, he said. “This benefits farmers, as the whole of the income from the forced sale is available, without any deduction of tax, to meet the cost of replacement stock.” Mr de Cleene said the Inland Revenue" Department would help farmers wanting to know if they qualified and would also assist with the procedures for obtaining tax relief.
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Press, 1 April 1985, Page 14
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161Tax relief for drought Press, 1 April 1985, Page 14
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