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November 2006

CGT Treatment of Water Rights

An interesting comment on the CGT treatment of water rights appeared on the Taxation Office website earlier this year.

Consolidation of WALs

There is much to be said for consolidating Water Access Licences (WALs) in providing flexibility for irrigators.

Farm Debt Mediation – A Fishing “Tail”

Is a fish farm used for breeding of fish for resale to pet shops and aquariums a “farm” for the purposes of the Farm Debt Mediation Act 1994 (“FDM Act”)?

Council Rates – Beware

It seems that some councils (perhaps others may follow) are rating a property on which irrigation is conducted at the higher "irrigation" rate even though only a small section of the property is being irrigated. This is occurring if the valuation on which rating is based covers both the irrigation land and the dry land.

Newsletter R November2006.pdf

All Kemp Strang Briefs are intended to keep readers abreast of legal and firm developments current on issue of the Brief. They are not to be relied upon as a substitute for professional advice. Before acting on any specific matter please contact us.