The decision from the board declining Macdonald parole was released today.
Macdonald, 33, is serving a total sentence of five years' imprisonment, having pleaded guilty to offences committed between December 2006 and January 2009.
His sentence ends on April 6, 2016.
Macdonald was the main suspect in the murder of his brother-in-law Scott Guy but was acquitted at a high-profile trial in the High Court at Wellington in 2012.
The Parole Board said he remained an undue risk to the community because he had not addressed the personality factors behind his offending.
The board recommended ongoing psychologist intervention and support for Macdonald, especially as he made the transition in to the community.
The board said little had changed for Macdonald in the year since he last appeared before the board.
He had been trouble-free while in prison and was described as a "polite and compliant" inmate.
"His parents, as always, remain supportive and are committed to assisting him both immediately following release and on an ongoing basis, particularly to maintain contact with his children," the report delivered by Parole Board panel convenor Marion Frater said.
The latest release plan for Macdonald included "stringent release conditions".
Macdonald has been participating in a release-to-work scheme and working six days a week without a security bracelet, which was not deemed necessary.
Macdonald and his former wife Anna Guy have signed a consent agreement concerning his contact with their children, which has been incorporated into a Family Court parenting order.
Macdonald was sentenced in September 2012 for a crime spree targeting neighbouring Feilding farms.
He pleaded guilty to six charges, including vandalism of a new house that Scott Guy and and his wife Kylee were building, the slaughter of 19 calves with hammer blows to their heads, the theft and killing of two trophy stags, emptying a neighbour's main milk vat of about 16,000 litres of milk worth tens of thousands of dollars, and burning down a 110-year-old whare.
The charges were not revealed to the murder trial jury, partly because they would have been prejudicial.
Last year, the Parole Board was not satisfied Macdonald no longer remained an undue risk to the safety of the community.
Macdonald last year identified areas of high risk, if he was released, that would include contact with his ex-wife and her partner, adverse comments from members of the public, building trust with new relationships, contact with his co-offender and media harassment.
He said his proposed release conditions of living in the South Island, living under a curfew and electronic monitoring, would have alleviated his victims' and the public's concerns.
He believed he would still be with his wife if he had not been convicted of these crimes.
