Earthquake tax legislation enacted

Legislation to help businesses and individuals deal with their tax affairs following the Canterbury region earthquakes received Royal assent on 24 May. For more information about the Taxation (Canterbury Earthquake Measures) Act 2011, see the special report on how the new legislation applies and the new Act. Depreciation issues, and the timing of loss-of-profits insurance claims relating to the earthquakes will be included in separate legislation to be introduced later this year.