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Budget 2024 | The Government has announced proposed changes to personal income tax, the independent earner tax credit, in-work tax credit, the minimum family tax credit and the interest rate charged for overseas based student loans. They have also provided more information on FamilyBoost. Find out more:

As at 30 June 2021.

The accompanying accounting policies and notes form part of these financial statements.

Capital commitments

Capital commitments are the aggregate amount of capital expenditure contracted for the acquisition of property, plant and equipment and intangible assets that has not been paid for or recognised as a liability at balance date.

Cancellable capital commitments that have early exit or penalty costs explicit in the agreement are reported at the lower of the remaining contractual commitment and the value of those penalty or exit costs (such as the minimum future payments).

Non-cancellable operating lease commitments

Inland Revenue leases property, plant and equipment in the normal course of business. The majority of these commitments are long-term noncancellable accommodation leases for Inland Revenue’s premises at locations throughout New Zealand. The annual lease payments are reviewed regularly, and the amounts disclosed as future commitments are based on current rental rates.

Inland Revenue sub-leases some of its premises. The total minimum future sub-lease payments expected to be received under non-cancellable sub-leases at balance date is $2.396 million (2020: $2.318 million).

Inland Revenue’s non-cancellable operating leases have varying terms, escalation clauses and renewal rights. There are no restrictions placed on Inland Revenue by any of its leasing arrangements.

Last updated: 02 Nov 2021
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