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Research papers, University of Canterbury Library

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.

Audio, Radio New Zealand

The Fire Service responds to the Coroner's criticisms over the CTV building collapse in the Christchurch Earthquakes, Teina Pora will be released on parole after 21 years inside prison for crimes he says he did'nt commit, and in Dateline Pacific, A newly elected leader in Fiji issues a challenge to Rear Admiral Franf Bainimarama.

Research Papers, Lincoln University

Following the 2010 and 2011 earthquakes Christchurch is undergoing extensive development on the periphery of the city. This has been driven in part by the large numbers of people who have lost their homes. Prior to the earthquakes, Christchurch was already experiencing placeless subdivisions and now these are being rolled out rapidly thanks to the efficiency of a formula that has been embraced by the Council, developers and the public alike. However, sprawling subdivisions have a number of issues including inefficient land use, limited housing types, high dependence on motor vehicles and low levels of resilience and no sense of place. Sense of place is of particular interest due to its glaring absence from new subdivisions and its growing importance in the literature. Research shows that sense of place has benefits to our feeling of belonging, well-being, and self-identity, particularly following a disaster. It improves the resilience and sustainability of our living environment and fosters a connection to the landscape thereby making us better placed to respond to future changes. Despite these benefits, current planning models such as new urbanism and transit-oriented design tend to give sense of place a low priority and as a result it can get lost. Given these issues, the focus of this research is “can landscape driven sense of place drive subdivision design without compromising on other urban planning criteria to produce subdivisions that address the issues of sprawl, as well as achieving the benefits associated with a strong sense of place that can improve our overall quality of life?” Answering this question required a thorough review of current urban planning and sense of place literature. This was used to critique existing subdivisions to gain a thorough understanding of the issues. The outcomes of this led to extensive design exploration which showed that, not only is it possible to design a subdivision with sense of place as the key driver but by doing this, the other urban planning criteria become easier to achieve.

Audio, Radio New Zealand

Topics - A big study from Harvard and UC Berkeley has looked back into family trees, over centuries, to determine how social mobility has changed. The "Moon man" has used his claimed Christchurch earthquake predictions to defeat an Advertising Standards Authority complaint over his weather forecasting website. The Prime Minister John Key says Labour's flat performance in recent polls is because it's focusing on the wrong issues.

Audio, Radio New Zealand

Gerry Brownlee is the Canterbury Earthquake Recovery Minister. Hugo Kristinsson is a South Brighton resident who stood for mayor last year on the issue of flood risk and land damage. David Stringer is the spokesperson for the community lobby group Insurance Watch - which has been seeking answers from the council since 2011 about the flood risk to the city. Nine to Noon speaks with all three about the recent flooding in Christchurch.

Audio, Radio New Zealand

Topics - scientists are wondering how the light gets out. Maybe there is a cosmic crack in everything, because in the Journal Astrophysical Letters it is noted that there is a huge deficit of light in the universe. Owners of heritage apartments in Auckland face becoming "impoverished" according to a high-profile real estate figure, because of new laws around earthquake strengthening. Martin Dunn of City Sales says the Building Amendment Bill is "overkill". He says those trying to sell heritage apartments are having a difficult time because of the new rules. Jim Anderton, has again raised the issue of whether the Christchurch Cathedral has to come down.