Impact of Tax Change on Deductibility of Buildings
12 August 2024
Impact of Tax Change on Deductibility of Buildings
Seeka Limited [NZX:SEK] advises that due to a change in tax legislation that removes the ability to
deduct tax depreciation on buildings , Seeka has a one-off adjustment to the deferred tax liability
which will be recognised as a tax expense in the Statement of Profit or Loss in the 2024 financial
year. The expense is non-cash and reflects the tax effect of being unable to deduct the depreciation
on buildings over their future life.
Seeka expects the deferred tax expense impact in the Statement of Profit or Loss to be $13.9m. This
deferred tax adjustment has no impact on Seeka’s current trading profitability or cash flows. The
value remains subject to external audit at the end of the year.
Seeka reminds the market that it will release its Interim Six Month Results on 22 August 2024.
Release ends.
For further information please contact:
Michael Franks Seeka Chief Executive Officer +64 21 356516
Nicola Neilson Seeka Chief Financial Officer +64 21 841606
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.
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