Briscoe Group says tax changes will hit FY net profit by $7.4m

(Image: NZME)

Fri, 05 Jul 2024

Changes in tax legislation will decrease Briscoe Group’s deferred tax asset and net profit by $7.4 million in the year to Jan 26, 2025. The change in tax legislation enacted on March 28 means the tax depreciation rate on commercial buildings with an estimated useful life of 50 years or more will be reduced to 0%. “This reduction in the tax depreciation rate has significantly reduced the tax base of the group’s buildings as future tax deductions will no longer be available for Briscoe Group from Jan 29, 2024,”...

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