Tax implications for ORC in stadium

Duncan Butcher
Duncan Butcher
Otago Regional Council staff have been asked to look into the tax implications of the payments the council is making towards the Forsyth Barr Stadium.

A schedule outlining the council's payment of its $37.5 million contribution was considered by councillors at this week's finance and corporate committee meeting.

Committee chairman Cr Duncan Butcher asked if the tax issues surrounding the payments had been considered.

Chief executive Graeme Martin said preliminary comment and advice sought by staff on tax issues indicated there might be more effective ways of making payments, but to put those in place would take time.

It would be appropriate for the council to request that information, as the tax advantages could potentially be "quite significant" and it would be "inappropriate not to harvest them".

The committee agreed with a recommendation from Cr Butcher that staff check the tax implications of the stadium payments.

rebecca.fox@odt.co.nz

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