The Minister of Revenue has announced the Government will be introducing legislation to help you if you're a farmer whose herds were culled in response to the Mycoplasma eradication programme. The changes mean you'll not have to pay more tax.
The proposal lets you spread additional income from the cull over the next six years. You'll only be able to do this if:
- the culling of your breeding livestock and your replacements were due to Mycoplasma bovis
- you've used, and continue to use, the national standard cost scheme or the self-assessed cost scheme for your breeding stock
- you've substantially replaced your culled livestock within 12 months.
For further information go to our Tax policy website.
For any tax related questions email them to Mbovis@ird.govt.nz