Impact of tax changes
Briscoe Group Limited is a company incorporated in New Zealand and registered in Australia as a foreign company under
the name Briscoe Group Australasia Limited (ARBN 619 060 552). It is listed on the NZX Main Board and also the
Australian Securities Exchange as a foreign exempt entity. (NZX/ASX code: BGP).
Impact on Briscoe Group from removal of tax depreciation on
commercial buildings
As a result of the change in tax legislation that was enacted on 28 March 2024, 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 29 January 2024.
The changes will impact the accounting value of deferred tax and also the reported
earnings for the financial year ending 26 January 2025.
It is important to note that this deferred tax liability adjustment is a one-off, non-cash
accounting entry in the current interim reporting period which has no impact on Briscoe
Group’s underlying trading profitability
1.
or dividend policy.
Under the requirements of New Zealand Equivalent to International Accounting Standard
12, Income Taxes, Briscoe Group will decrease the Group’s deferred tax asset and
reduce the reported net profit after tax for the financial year ending 26 January 2025 by
$7.4 million. This entry will be included in the half year result for the period ended 28
July 2024.
Friday 5 July 2024
Contact for enquiries:
Geoff Scowcroft
Chief Financial Officer
Tel: +64 9 815 3737
1. Underlying trading profitability is equal to net profit after tax, excluding the impact of the one-off deferred tax expense.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- FBU — Fletcher Building: Amendment to 2024 Annual Report2024-08-20
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“Class action proceedings On 13 March 2023, the Group announced that class action proceedings had been filed against it in the Supreme Court of Victoria making allegations that between 17 August 2016 and 23 October 2017 the Group misrepresented the performance and financial posit…”
- PEB — Pacific Edge Limited: Annual Report 20242024-06-26
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