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Research papers, University of Canterbury Library

The Canterbury earthquakes of 2010 and 2011 have shone the spotlight on a number of tax issues. These issues, and in particular lessons learned from them, will be relevant for revenue authorities, policymakers and taxpayers alike in the broader context of natural disasters. Issues considered by this paper include the tax treatment of insurance monies. For example, building owners will receive pay-outs for destroyed assets and buildings which have been depreciated. Where the insurance payment is more than the adjusted tax value, there will be a taxable "gain on sale" (or depreciation recovery income). If the building owner uses those insurance proceeds to purchase a replacement asset, legislative amendments specifically enacted following the earthquakes provide that rollover relief of the depreciation recovery income is available. The tax treatment of expenditure to seismically strengthen a building is another significant issue faced by building owners. Case law has determined that this expenditure will usually be capital expenditure. In the past such costs could be capitalised to the building and depreciated accordingly. However, since the 2011-2012 income year owners have been prohibited from claiming depreciation on buildings and therefore currently no deduction is available for such strengthening expenditure (whether immediate or deferred). This has significant potential implications for landlords throughout New Zealand facing significant seismic retrofit costs. Incentives, or some form of financial support, whether delivered through the tax system or some other mechanism may be required. International Financial Reporting Standards (IFRS) require insurance proceeds, including reimbursement for expenditure of a capital nature, be reported as income while expenditure itself is not recorded as a current period expense. This has the effect of overstating current income and creating a larger variation between reported income for accounting and taxation purposes. Businesses have obligations to maintain certain business records for tax purposes. Reconstructing records destroyed by a natural disaster depends on how the information was originally stored. The earthquakes have demonstrated the benefits of ‘off-site’ (outside Canterbury) storage, in particular electronic storage. This paper considers these issues and the Inland Revenue Department (Inland Revenue) Standard Practice Statement which deals with inter alia retention of business records in electronic format and offshore record storage. Employer provided accommodation is treated as income to the benefitting employee. A recent amendment to the Income Tax Act 2007 retrospectively provides that certain employer provided accommodation is exempt from tax. The time aspect of these rules is extended where the employee is involved in the Canterbury rebuild and comes from outside the region.

Audio, Radio New Zealand

A review of the week's news including... Relief after cyclone Cook passes quickly down the North Island with limited damage, questions about what was known about the increasing risk of Edgecumbe stop banks bursting, the man who gave us Fred Dagg has died suddenly, three more former CERA staffers are being investigated after conflict of interests prompted calls for a wider inquiry, a warning more homeless families will be sleeping in cars parks and garages in Auckland this winter, the High Court rules excessive defamation damages against Colin Craig constitute a miscarriage of justice, a verdict in a defamation against the Labour leader Andrew Little, relatives of New Zealand soldiers killed on duty in South East Asia are relieved their family members will be finally returned home, US consumer campaigner Erin Brockovich visits Christchurch homeowners who are trying to settle earthquake insurance claims six years on, three teams have been cut from the Super Rugby competition and a more than 50 year old copper time capsule has been cracked open.

Research papers, University of Canterbury Library

Seismic isolation is an effective technology for significantly reducing damage to buildings and building contents. However, its application to light-frame wood buildings has so far been unable to overcome cost and technical barriers such as susceptibility of light-weight buildings to movement under high-wind loading. The 1994 Northridge Earthquake (6.7 MW) in the United States, 1995 Kobe Earthquake (6.9 MW) in Japan and 2011 Christchurch Earthquake (6.7 Mw) all highlighted significant loss to light-frame wood buildings with over half of earthquake recovery costs allocated to their repair and reconstruction. This poster presents a value case to highlight the benefits of seismically isolated residential buildings compared to the standard fixed-base dwellings for the Wellington region. Loss data generated by insurance claim information from the 2011 Christchurch Earthquake has been used to determine vulnerability functions for the current light-frame wood building stock. By using a simplified single degree of freedom (SDOF) building model, methods for determining vulnerability functions for seismic isolated buildings are developed. Vulnerability functions are then applied directly in a loss assessment to determine the Expected Annual Loss. Vulnerability was shown to dramatically reduce for isolated buildings compared to an equivalent fixed-base building resulting in significant monetary savings, justifying the value case. A state-of-the-art timber modelling software, Timber3D, is then used to model a typical residential building with and without seismic isolation to assess the performance of a proposed seismic isolation system which addresses the technical and cost issues.

Research papers, Victoria University of Wellington

This dissertation contains three essays on the impact of unexpected adverse events on student outcomes. All three attempt to identify causal inference using plausibly exogenous shocks and econometric tools, applied to rich administrative data.  In Chapter 2, I present evidence of the causal effects of the 2011 Christchurch earthquake on tertiary enrolment and completion. Using the shock of the 2011 earthquake on high school students in the Canterbury region, I estimate the effect of the earthquake on a range of outcomes including tertiary enrolment, degree completion and wages. I find the earthquake causes a substantial increase in tertiary enrolment, particularly for low ability high school leavers from damaged schools. However, I find no evidence that low ability students induced by the earthquake complete a degree on time.  In Chapter 3, I identify the impact of repeat disaster exposure on university performance, by comparing outcomes for students who experience their first earthquake while in university, to outcomes for students with prior earthquake exposure. Using a triple-differences estimation strategy with individual-by-year fixed effects, I identify a precise null effect, suggesting that previous experience of earthquakes is not predictive of response to an additional shock two years later.  The final chapter investigates the impact of injuries sustained in university on academic performance and wages, using administrative data including no-fault insurance claims, emergency department attendance and hospital admissions, linked with tertiary enrolment. I find injuries, including minor injuries, have a negative effect on re-enrolment, degree completion and grades in university.

Research papers, University of Canterbury Library

The 2010 and 2011 earthquakes in the region of Canterbury, New Zealand caused widespread damage and the deaths of 185 people. Suburbs on the eastern side of Christchurch and in the satellite town of Kaiapoi, 20 kilometres north of Christchurch, were badly damaged by liquefaction. The Canterbury Earthquake Recovery Authority (CERA), a government organisation set up in the wake of the earthquakes, began to systematically zone all residential land in 2011. Based on the possibility for land remediation, 7860 houses in Christchurch and Kaiapoi were zoned red. Those who were in this zone were compensated and had to buy or build elsewhere. The other zone examined within this research – that of TC3 – lies within the green zone. Residents, in this zone, were able to stay in their houses but land was moderately damaged and required site-specific geotechnical investigations. This research sought to understand how residents’ senses of home were impacted by a disaster and the response efforts. Focusing on the TC3 and red zone of the eastern suburbs and the satellite town of Kaiapoi, this study interviewed 29 residents within these zones. The concept of home was explored with the respondents at three scales: home as a household; home as a community; and home as a city. There was a large amount of resistance to the zoning process and the handling of claims by insurance companies and the Earthquake Commission (EQC) after the earthquakes. Lack of transparency and communication, as well as extremely slow timelines were all documented as failings of these agencies. This research seeks to understand how participant’s sense of home changed on an individual level and how it was impacted by outside agencies. Homemaking techniques were also focused on showing that a changed sense of home will impact on how a person interacts with a space.

Audio, Radio New Zealand

DAVID SHEARER to the Prime Minister: Does he stand by all his statements? TODD McCLAY to the Minister of Finance: What progress is the Government making in its share offer programme to reduce debt and free up capital for priority spending? Rt Hon WINSTON PETERS to the Prime Minister: Does he believe that he has met the requirements of the Cabinet Manual to behave in a way that upholds, and is seen to uphold, the highest ethical standards in his ministerial capacity, his political capacity and his personal capacity; if so, why? Hon PHIL HEATLEY to the Minister for Social Development: What reports has she received on the latest benefit figures? Hon DAVID PARKER to the Minister of Finance: Will the recent rise in the New Zealand dollar to a post-float high on the Trade Weighted Index cause job losses among non-primary exporters and import substitution businesses? JULIE ANNE GENTER to the Minister of Finance: Does he have a plan to fund the Auckland City rail link in the upcoming Budget given that public backing for the rail project is more than twice as strong as the Government's proposed new motorway north from Puhoi? Dr JIAN YANG to the Minister for Economic Development: How is the Government recognising the importance of China for New Zealand's trade, education and tourism sectors? Hon CLAYTON COSGROVE to the Minister for State Owned Enterprises: What responsibility, if any, does he take for Solid Energy's precarious financial position? NICKY WAGNER to the Minister of Housing: How will the $320 million settlement of Housing New Zealand's insurance claim for earthquake damaged properties help achieve the Government's priority of rebuilding Christchurch? GRANT ROBERTSON to the Prime Minister: What role, if any, did he play in recommending the appointment of Ian Fletcher as Director of the Government Communications Security Bureau? MIKE SABIN to the Associate Minister of Social Development: What early results can he report from the Government's efforts to deal with welfare fraud? GARETH HUGHES to the Minister of Energy and Resources: Will he recommend returning the Crown Minerals Amendment Bill to the select committee so that the public can have a say on the so-called "Anadarko Amendment"; if not, why not?