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farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a not-so-good year.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.
Solar generation company, Lodestone Energy is now delivering energy from its second solar farm, Rangitaiki in the Bay of Plenty.
Commercial fruit and vegetable growers are being urged to their say in the upcoming levy referendum to enable Horticulture New Zealand (HortNZ) to continue its work for the sector.
James and Debbie Stewart from Dairylands in Manawatu impressed judges and took out the 2024 Fonterra Responsible Dairying Award.
Manawatu farmers Will Hinton and Kali Rangiawha have scooped the 2024 New Zealand Share Farmers of the Year.
More bull breeders are using genetic tools according to the latest research.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
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