The Property Council industry body has called for tax relief to be given to Canterbury home owners affected by the 7.1 magnitude earthquake on September 4.It has written to Finance Minister Bill English and Minister of Revenue Peter Dunne asking that prop
The Property Council industry body has called for tax relief to be given to Canterbury home owners affected by the 7.1 magnitude earthquake on September 4.
It has written to Finance Minister Bill English and Minister of Revenue Peter Dunne asking that property owners be allowed to claim tax deductions on losses made from their buildings.
“Current tax law prohibits property owners from claiming this tax deduction. However, we believe there was a precedent set after the Bay of Plenty floods in 2004, when the then Labour government granted a waiver,” Property Council chief executive Connal Townsend said.
“This effectively allowed a tax deduction to be claimed for the difference between the insurance proceeds and the tax book value of the building prior to the adverse event.”
