Latest news with #Fieldays
RNZ News
4 days ago
- Automotive
- RNZ News
IRD warns about misunderstanding fringe benefit tax
At the moment, work vehicles such as utes are only exempt from FBT on days when they are used for essential work purposes. Photo: Screenshot / Unsplash / RNZ Inland Revenue says it wants to clear up misunderstanding about the effect of proposed changes to fringe benefit tax (FBT), particularly when it comes to double cab utes. There was a warning this week that farmers buying expensive utes at Fieldays could be in for a shock if the FBT rules changed in line with proposals released earlier this year. But Inland Revenue deputy commissioner, policy, David Carrigan, said there were misunderstandings about the tax - including a myth that utes had been FBT-free. "When it comes to double cab utes, these are treated no differently to any other vehicle. Unless the use of the vehicle meets all the requirements for an exemption from FBT, then a double cab ute is, and always has been, subject to FBT. That is the current law," Carrigan said. "Work-related vehicles are only exempt from FBT if they meet certain requirements. This includes double cab utes." At the moment, work vehicles such as utes are only exempt from FBT on days when they are used for essential work purposes. He said what was proposed was not a change to that treatment, but to remove the necessity to count days when a vehicle was or was not available for private use. "The idea is to simplify FBT, not create additional obligations. If a business - including a farm - is not currently liable for FBT on a vehicle then it's unlikely they would become liable for FBT under any proposals taken forward." He said the aim of the FBT proposals was not to increase revenue but to reduce compliance costs of FBT. "The government has not made any final decisions in relation to potential changes to the FBT regime and Ministers are currently considering the feedback received from submitters on the Inland Revenue issues paper with a view to refining those proposals." Deloitte tax partner Robyn Walker. Photo: Supplied / Deloitte Deloitte tax partner Robyn Walker agreed there was "fake news" circulating about the FBT rules. She said there had historically been concerns about low levels of compliance with FBT. "This review essentially concluded that a lack of compliance with the existing laws (and lack of compliance by Inland Revenue) had the potential to erode the integrity of the tax system. "Essentially, if taxpayers think it is okay to not comply with FBT rules, they'll also start not complying with other tax laws." She said the idea that utes were completely exempt from FBT was long-standing but had never been the case. But under the proposals released earlier this year, a vehicle used for work purposes and generally only available for home to work travel and travelling to different worksites would be "category three" vehicle with a zero percent rate for FBT purposes. "Under the proposals, if there was occasional additional private use of the vehicle, this would be ignored." She said the changes also opened this category up to other vehicles such as small cars and electric vehicles. "There is a proposed rule that vehicles assigned to shareholder employees would not be able to be exempted from FBT if the vehicle has a cost of $80,000-plus. "However, for FBT purposes, you only look at the cost of the vehicle and you ignore any 'business accessories'. "There is a false narrative that if a ute is purchased and it is fitted with work-related gadgets that increase the total cost to above $80,000 that the vehicle is automatically subject to full FBT. This is incorrect." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
4 days ago
- Business
- RNZ News
Todd McClay unveils two-way forestry trade missions with India
New Zealand exports to India last year included forestry products valued at $126 million. Photo: 123RF Forestry Minister Todd McClay has unveiled two-way forestry trade missions with India this year. The inbound visit - supported by industry partners - is expected to showcase New Zealand's forestry systems and sustainable management practices. "The outbound mission will continue to open doors for deeper commercial and government partnerships," McClay said. "These [trade missions] are aimed at strengthening trade links, deepening industry ties and unlocking greater value for both countries' forestry and wood processing sectors." McClay was speaking at the Fieldays Forestry Hub on Friday. Trade between New Zealand and India was valued at $3.14 billion in 2024. New Zealand's exports to India last year included forestry products valued at $126 million. New Zealand's wood exports to India have surged from $9.5 million in 2023 to an estimated $76.5 million this year. Pulp exports have more than doubled, from $20 million to $45.6 million. "India is one of the fastest-growing markets for our forestry exports - and we're focused on turning that growth into long-term opportunity for New Zealand exporters," McClay said. "Increased engagement with India is already delivering results," he said. "We're now building on that momentum with a targeted sector focus, including hosting an Indian delegation in New Zealand and planning a minister-led mission to India later this year. "Our relationship with India is a priority, and forestry is a key part of that. The goal is clear - to grow the market, remove barriers and drive better returns back to New Zealand's foresters and processors." New Zealand signed a new memorandum of cooperation with India during Prime Minister Christopher Luxon's visit in March, indicating a commitment to enhance forestry sector collaboration between the two countries. "Many of our forestry exporters have long-standing relationships in India and are keen to expand," McClay said at the time. "This agreement will lay the groundwork for cooperation in sustainable forest management, agroforestry, research and innovation, education, and capacity building."
RNZ News
4 days ago
- Science
- RNZ News
Rural innovation sets the scene for New Zealand's future
The Innovation Hub is the spot where Kiwis can showcase their inventions, highlighting the future of agricultural technology and advancement. Photo: Fieldays Jeffery To was twiddling his thumbs at home during Covid lockdown when he came up with the idea of a robot that could scour our waterways and collect pollution data. "My wife was getting sick of me being at home all the time," says the Waikato engineer. "After watching YouTube I built an autonomous boat that mapped the local lake with the target or vision of cleaning the lake forever." In true number eight wire fashion, he built the miniature boat with three PVC pipes and a metal tray, but the technology on board the vessel was groundbreaking and expensive. He posted his mapping of the lake on social media and caught the attention of Waikato Regional Council. Jeffery To showing The Detail's Sharon Brettkelly the MĀKI boat V2 - Hydrohub, a boat that maps and monitors water quality. Photo: Davina Zimmer "They asked me if I would be interested in mapping other lakes. I said certainly. Since then I've learned a lot about water quality in New Zealand, what can we do, what should we do, what is possible." To's engineering/technology company, Māki, was one of dozens of exhibitors in the innovation hall at Fieldays last week and a finalist in the Prototype Award. He tells The Detail the Māki boat is also capable of mapping parts of harbours and the sea around islands that humans cannot reach by car or boat. He has deliberately kept the materials cheap so that councils can afford them, and put the money into the technology that maps and collects data. "With the engineer background, we first identify how big the problem is. With the boat, we know how bad the problems are. The next thing is finding solutions that can do things in a sustainable way to help with the problem, how do we slow it down," To says. "But in order to reverse it I think there's a lot more work and I hope that with technology and innovation we can help a little bit." A few booths away in the innovation hall, Chris Harper explains how the small mats sitting on his display table were concocted in his kitchen from kiwifruit waste. Chris Harper, operations manager of Kiwi Leather Innovations. Photo: Davina Zimmer On the wall behind him are photos of luxury fashion boots and handbags. They are the vision of KiwiLeather Innovations, run by Harper and his partner Shelley Houston. After hours of experiments in their kitchen, the vegan leather is now in development at Scion, the crown research institute in Rotorua. Harper says the market viable product should be ready by November, but the couple is already in talks with major global brands including Adidas, BMW and Victoria Beckham. He says the next step is to get funding to set up a pilot project. "We are going to have to find some space in the Tauranga region where we can set up our first presses to get the moisture out of the kiwifruit, our first kilns to dry the kiwifruit to make the powder and our first compounding area where we can actually make our secret sauce." Harper says they expect to produce up to 10,000 square metres of KiwiLeather. Another iconic New Zealand product, wool, is a special focus at this agriculture expo. After years in the doldrums, wool is starting to make a comeback, according to Angus Hansen, founder and operations manager of Wisewool. "It has definitely turned a corner," says Hansen, sitting on an all-wool and wood couch in the It's Wool booth, surrounded by other products made from the fibre by several companies. A wool couch decorated with woollen blankets, pillows and throws was the centre piece of the Wisewool booth. Photo: Davina Zimmer "We [Wisewool] source wool from about 300 farms in the Tairāwhiti region, which is around three million kilos. We use a portion of that for Wisewool which is value added and we sell our products mainly into bedding and furniture - which we're sitting on now - globally." Hansen says the company is paying its farmer suppliers more than the market rate. "Farmers are making money off their wool again. So, yeah, wool has been in a tough spot for actually quite a long time and it finally feels like [with] the groundswell of us making changes [and] adding value, farmers are finally making money off their wool again." Check out how to listen to and follow The Detail here . You can also stay up-to-date by liking us on Facebook or following us on Twitter .
NZ Herald
5 days ago
- Entertainment
- NZ Herald
Foreign Minister Winston Peters speaks amid the Israel/Iran conflict
NZ Herald reporter Tom Raynel reports live from the annual Fieldays show at Mystery Creek NZ Herald reporter Tom Raynel gives us his take on Fieldays after his first visit to the iconic agricultural show
NZ Herald
5 days ago
- Entertainment
- NZ Herald
NZ Herald Live: Foreign Minister Winston Peters to speak as Israel/Iran conflict escalates
NZ Herald reporter Tom Raynel reports live from the annual Fieldays show at Mystery Creek NZ Herald reporter Tom Raynel gives us his take on Fieldays after his first visit to the iconic agricultural show
