Source: Inland Revenue Department –
Supplementary Order Paper No.423 contains proposals to:
- ensure that the main home exclusion from the bright-line test is not affected by a property owner needing to vacate their North Island flood/cyclone damaged home for more than 12 months so it can be remediated/repaired
- ensure that the bright-line and other land-based timing tests in the Income Tax Act 2007 are not triggered when local authorities or the Crown buy-out properties impacted by the 2023 Auckland flood events and/or Cyclone Gabrielle, and
- allow Fonterra to deduct certain distributions to its shareholders, consistent with the treatment that applied under the previous constitution.
Supplementary Order Paper No 423
