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Courses/Accounting & Tax/Tax Update

Rural Tax: Legislative Changes and Practical Implications

Explore key tax updates for the rural sector, including cyclone relief, trustee tax rate changes, livestock values, and bright-line test updates.

Created byTEO Training
BeginnerUpdated Jan 23, 2025
Rural Tax: Legislative Changes and Practical Implications

What You'll Learn

check_circleAppreciate the way Government’s fiscal position is interacting with its election and coalition tax promises.
check_circleAdvise clients about the actual and prospective tax changes.
check_circleExplain in detail the actual tax changes.
check_circleDiscuss with authority current IRD activity and how it may affect clients.

About This Course

Rural Tax Update - Part 1

An update on all things rural tax, including in particular the March 2024 Tax Bill which will be the first substantive tax bill of the new Government. It will be enacted towards the end of March 2024.

Among other things it is likely to/will:

  • Increase the trustee rate to 39% from 1 April 2024
  • Turn off building depreciation from the 1 April tax year
  • Reduce the ten-year capital gains tax on second houses to a two-year revenue account property tax from 1 July 24.

It will also include a host of other tax measures, some of which will be relevant to the primary sector.

Also relevant IRD publications will be covered.

 

Rural Tax Update - Part 2

The second 2024 update on all things to do with rural tax, including, in particular, Budget 2024 and the associated Tax Bill. Hopefully, the next Tax Bill will have been introduced by now.

Among other things, these bills are likely to/will:

  • Introduce the tax rate changes and “Family Boost”
  • Hopefully clarify what subpart EC “Valuation of Livestock” applies to
  • Hopefully clarify the two-year revenue account property tax which applies from 1 July 2024—at the moment, associated persons transactions are unfairly treated.

We will also discuss a range of other tax measures, some of which will be relevant to the primary sector. Relevant IRD commentary will also be covered.

 

Rural Tax Update - Part 3

The third and last 2024 update of all things to do with rural tax, including the August Tax Bill.

Among other things in this Bill are proposals to:

  • Codify a generic response to extreme adverse events. Included in this is a proposal to spread the income from the forced disposal of livestock that is very welcome
  • Enact several technical livestock tax changes
  • Clarify a number of provisions that may affect farmers.

Current IRD commentary and activities will be covered, as will the latest adverse event declaration – for both too much water and not enough water. We will also consider from the primary sector perspective the Government’s tax policy work programme, released in mid-November.

 

Suitable for: Accountants in public practice and their tax aware staff and tax aware corporate accountants. It will not be a heavy-duty technical course.

Your Instructors

TEO Training
TEO Training
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TEO Training provides practical learning experiences on primarily tax-related topics for accountants, lawyers and business advisors across New Zealand.

Jim Gordon
Jim Gordon

Director, Jim Gordon Tax Ltd

Jim Gordon FCA started preparing farm accounts in 1974. He has been involved with almost all of the primary sector tax reforms since 1986. Jim brings a wide range of both theoretical and practical experience to his presentations.

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