NZ Herald reporter Katie Oliver speaks to Ryan Bridge about the news stories out today
Fieldays kicks off today: what's the outlook?
Fieldays spokesperson Taryn Storey joins Ryan Bridge on Herald NOW to take the pulse of the rural sector as the iconic agricultural event kicks off. Video / Herald NOW
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New Ute Owners Warned Of Looming 'Tax Grenade'
Correction: This article has been updated to clarify the $21,060 figure was in taxable benefits, not necessarily the full amount of tax that would be owed; and that the IRD is still consulting on the proposal. Farmers and tradies buying utes under the government's Investment Boost initiative will be hit by a "tax grenade" in the form of a fringe benefit tax (FBT), according to an expert. Findex tax advisory partner Craig Macalister said the repeal of a work-related vehicle FBT exemption for mixed private and business use committed to in the government's latest Budget will result in tax implications for people who use their utes for business. IRD was consulting on the proposed changes. Under the change, farmers with a mixed used farm ute costing $70,000 will be hit with an annual FBT bill of $6370, at the proposed 26 percent rate for petrol and diesel vehicles. "Farmers are buying vehicles at Fieldays, looking forward to a reduced cost thanks to depreciation deductibility, but oblivious to the tax grenade coming their way in 12 months," Macalister said. "Worse still, any vehicle over $80,000 - such as a $75,000 ute with $6000 in extras - will be classified as 100 percent taxable, resulting in a staggering $21,060 in FBT per year in [taxable benefit]." A tax of about $10,000 or $13,000 could then apply. Macalister said consultation on the tax changes had not been given inadequate consideration, resulting in a policy that over-taxed essential business assets. "In our view, the use of the current FBT exemption strikes the right balance for work-related vehicles. Scrapping it will hurt farmers and other industries reliant on utility vehicles," he said. "These utes are not perks or 'Remuera tractors' - they're essential tools for carrying equipment, personnel and of course dogs on and off the farm. "Yet, the IRD seems locked in a paradigm that views any provided vehicle as a perk to be taxed, unless it's an emergency vehicle."
RNZ News
2 days ago
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New ute owners warned of looming 'tax grenade'
Under the change, farmers with a mixed used farm ute costing $70,000 will be hit with an annual FBT bill of $6370. Photo: Sergio Rota/ Unsplash Farmers and tradies buying utes under the government's Investment Boost initiative will be hit by a "tax grenade" in the form of a fringe benefit tax (FBT), according to an expert. Findex tax advisory partner Craig Macalister said the repeal of a work-related vehicle FBT exemption for mixed private and business use in the government's latest Budget will result in tax implications for people who use their utes for business. Under the change, farmers with a mixed used farm ute costing $70,000 will be hit with an annual FBT bill of $6370, at the proposed 26 percent rate for petrol and diesel vehicles. "Farmers are buying vehicles at Fieldays, looking forward to a reduced cost thanks to depreciation deductibility, but oblivious to the tax grenade coming their way in 12 months," Macalister said. "Worse still, any vehicle over $80,000 - such as a $75,000 ute with $6000 in extras - will be classified as 100 percent taxable, resulting in a staggering $21,060 in FBT per year." Macalister said consultation on the tax changes had not been given inadequate consideration, resulting in a policy that over-taxed essential business assets. "In our view, the use of the current FBT exemption strikes the right balance for work-related vehicles. Scrapping it will hurt farmers and other industries reliant on utility vehicles," he said. "These utes are not perks or 'Remuera tractors' - they're essential tools for carrying equipment, personnel and of course dogs on and off the farm. "Yet, the IRD seems locked in a paradigm that views any provided vehicle as a perk to be taxed, unless it's an emergency vehicle." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
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2 days ago
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Fieldays boss says positive signs 2025 will beat last year in sales
Fieldays attendees scoping the tractors at Fieldays. Photo: Marika Khabazi Fieldays chief executive Richard Lindroos says early indications are that this year's event sales will top 2024. As many as 100,00 people are expected through the Southern Hemisphere's biggest agricultural event. And with still two days to go, including 'Super Saturday', Lindroos is confident 2025 will surpass last year's. "Yeah, I think so, there are really good early indications," he told Morning Report. "The thing about this event is .. it's just the scale and it's so massive here. Every supplier in the agribusiness field is here. We're just making sure we can give them the best visibility to get those sales, so really positive. "Everyone's coming through the gates now, streaming through. So, it's going to have another good day, and on Saturday, it's Super Saturday." That's when the more of the townies coming to town, he said. Two days in, Lindroos said the atmosphere at Mystery Creek had been great, and there had been no shortage of sentiment. He said was particularly pleased with the political "ceasefire" with opposing politicians supporting sector. "We've had a great few days halfway through. We're going to hit our targets in terms of crowd and we're just hoping we're going to hit our targets in terms of sales," Lindroos said. "There is a really good vibe here. You were here on Wednesday morning and hopefully you saw that as you walked around and probably the thing for me ... some announcements which were a part of what's happening in terms of the political scene. "We had the Field Day ceasefire where everyone was playing nicely and both major parties supporting agribusiness as we head to the future." Lindroos said it wasn't just the big capital items on sale, such as tractors or combine harvesters, but there had been queues out of the door for workwear as well. "We've got sunshine today, people streaming in. It's going to be another good day here," he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
