The Government has introduced a Supplementary Order Paper to the Taxation (Annual Rates, Modernising Tax Administration, and Remedial Matters) Bill to extend some of the tax relief provisions introduced to assist in tax matters concerning the Canterbury earthquakes in 2010 and 2011.

Part of these provisions included roll-over relief from depreciation recovered for property affected by the earthquake, so long as replacement property was obtained before the end of the 2018/2019 income year, which is the current income year. The Government has recognised that this may not be possible for all impacted.

The Government has therefore proposed to extend the deadline for obtaining new property to the end of the 2023/2024 income year giving affected tax payers five more years to obtain this replacement property.