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.
Topics - A new two million dollar fund has been launched to urgently help community groups to meet increased demand after Canterbury's earthquakes. The Need Help Now Fund is part of a special 25 million dollar earthquake allocation set up (last year) by the Canterbury Community Trust. The Mana Party leader Hone Harawira is prepared to lose senior party figures such as founding member Sue Bradford over a proposed link with Kim Dotcom's Internet Party. And what about Gareth Morgan's idea of a Universal basic income? John Minto is proposing a universal basic income paid to every New Zealander, out of government tax revenue.
The disastrous earthquakes that struck Christchurch in 2010 and 2011 seriously impacted on the individual and collective lives of Māori residents. This paper continues earlier, predominantly qualitative research on the immediate effects on Māori by presenting an analysis of a survey carried out 18 months after the most destructive event, on 22 February 2011. Using a set-theoretic approach, pathways to Māori resilience are identified, emphasising the combination of whānau connectivity and high incomes in those who have maintained or increased their wellbeing post-disaster. However, the results show that if resilience is used to describe a “bounce back” in wellbeing, Māori are primarily enduring the post-disaster environment. This endurance phase is a precursor to any resilience and will be of much longer duration than first thought. With continued uncertainty in the city and wider New Zealand economy, this endurance may not necessarily lead to a more secure environment for Māori in the city.
Hon DAVID CUNLIFFE to the Prime Minister: Is he still committed to "ensuring our schools are working for all students", and is he satisfied his Government has done enough to ensure that every child has equal access to a low-cost public education?
CLAUDETTE HAUITI to the Minister of Finance: What steps has the Government taken to turn around the Treasury's forecast net Government debt?
METIRIA TUREI to the Prime Minister: Does he stand by all his statements?
Hon DAVID PARKER to the Minister of Finance: Does he agree with Infometrics that after the Canterbury rebuild peaks, the New Zealand economy will experience a "hangover" with slow income and GDP growth?
SCOTT SIMPSON to the Minister of Justice: What justice initiatives has she announced to address family violence in New Zealand?
DAVID SHEARER to the Minister of Foreign Affairs and Trade: When did he first become aware of allegations that led to a Malaysian diplomat being charged with assault with the intent to commit rape and burglary, and what actions did he take?
MARK MITCHELL to the Minister of Corrections: What recent announcements has she made on how technology can be used to better protect victims of domestic violence?
JAN LOGIE to the Minister of Foreign Affairs: Was he made aware of the wishes, if any, of the woman at the centre of the assault with intent to rape charges laid against a Malaysian diplomat, regarding his return to Malaysia; if so, when?
JONATHAN YOUNG to the Minister of Health: What investments has the Government made in health services for Taranaki?
CHRIS HIPKINS to the Minister of Education: Is she satisfied that schools receive sufficient funding to deliver the New Zealand curriculum?
KANWALJIT SINGH BAKSHI to the Minister for Food Safety: What recent announcements has she made regarding food labelling?
DENIS O'ROURKE to the Minister responsible for the Earthquake Commission: Is he satisfied with the progress of the Earthquake Commission in the settlement or disposition of all claims in respect of multi-unit dwellings, arising from the Canterbury earthquake; if so, why?
Urban Ensembles explores the way in which landscape and architecture can be employed together within the design of a steep, urban site. Lyttelton is a small port town on the border of Christchurch, settled in the foothills of a harbour formed by a major volcanic eruption. This rugged setting, with steeply sloping urban terrain, presents an interesting challenge when designing an urban development. The site was badly damaged in a series of earthquakes in 2010-2011, and many of the town’s oldest buildings, heritage structures dating back to the colonial settlement era, were destroyed. This has left a void in the heart of Lyttelton, and caused the loss of much of the tourism business that the town relies upon for its income. This thesis takes a methodological approach to the design of landscape architecture on such a challenging site. A range of techniques are explored, drawing from both landscape and architecture to explore the roles that each discipline plays in the design of urban spaces. The frequent imbalance between disciplines is addressed both through the literature review and design method, as this landscape architecture thesis draws on architectural design as a tool for generating spaces which fall somewhere in between the two ideals of interior and exterior. The final design proposal is an alternative rebuild plan for the central business area to the south of London St, and also addresses the relationships between that site and the surrounding context, both urban and environmental. The aim of this design is to create a series of interconnected spaces which have a strong relationship to the surrounding harbour setting, and also to facilitate development of the pedestrian spaces throughout the block and encouraging the development of activity at the street level, through the interface between buildings and landscape.
Dr JIAN YANG to the Minister of Finance: What changes has the Government made in recent years to make the tax system fairer and to help families and businesses get ahead?
Rt Hon WINSTON PETERS to the Minister of Internal Affairs: On what basis was the recall and cancellation of New Zealand Passport LN138690 undertaken?
Hon DAVID PARKER to the Associate Minister of Finance: Does he still believe that a 33 cent top marginal income tax rate is the reason for fewer departures to Australia in 2014?
CATHERINE DELAHUNTY to the Minister of Education: Did she write a new preference factor for Partnership School applicants on the 14 November education report "Confirming Round Two of Applications to Operate Partnership Schools"; if so, on what advice?
CHRIS AUCHINVOLE to the Minister of Conservation: What reports has he received on the extent of the damage to West Coast forests from Cyclone Ita and what estimates are there of the area affected and the volume of wood felled?
PHIL TWYFORD to the Minister of Housing: How many homes out of the 5,000 earthquake damaged Housing New Zealand homes have completed repairs as part of its Repair 5000 programme?
TIM MACINDOE to the Minister of Education: What recent announcements has she made to celebrate and recognise highly effective and innovative practice happening across the education system?
Hon PHIL GOFF to the Minister of Defence: Has there been a reduction in the capacity of the Army in the last three years to sustain an overseas deployment; if so, why?
MELISSA LEE to the Minister for Social Development and Employment: What support is the Ministry of Social Development providing to people in Christchurch still dealing with the impact of the earthquakes?
GARETH HUGHES to the Minister of Conservation: Does he agree with the statement given on behalf of the Minister of Energy and Resources that "there has not been a single observation of a Māui's dolphin in the block offer area"?
CAROL BEAUMONT to the Minister of Justice: Given the magnitude of the problem of family violence, is it acceptable to her that none of the Family Violence Death Review Committee's recommendations from their last annual report have been completed, and no action has been taken on a number of recommendations around funding family violence training for professionals, and addressing the need for better multi-agency practice addressing family violence?
KANWALJIT SINGH BAKSHI to the Minister of Statistics: What is the Government doing to modernise the next census?
