A focus on topical tax issues - December 2016
Timely revised guidance on deductibility of certain earthquake related costs
As much of the country is pulling itself together after being woken in the early hours of 14 November by a strong earthquake, tax is likely to be one of the last things on people’s mind, and rightly so.
However, the financial stress of the aftermath of a big earthquake will be slightly reduced with Inland Revenue issuing a revised draft interpretation stating that in most instances the cost of obtaining a detailed seismic assessment (“DSA”) will be tax deductible. The updated interpretation follows an earlier draft position released by Inland Revenue, which concluded that the cost of undertaking a DSA on a building was capital in nature and therefore not deductible.
Tax Alert December 2016
Also in this issue
- Closely held companies bill reported back with significant changes
- Charitable change to the FBT rules? Depends on your facts
- Business tax simplification measures are a step closer
- Calculating “market rental value” on employee accommodation – guidance finally released
- R&D tax credits – our experience to date
- IR’s Operational Guidelines: Pre-Litigation Settlements
- What’s on the Tax Policy Agenda?
- A snapshot of recent developments