As outlined in NZX’s previous financial statements, the IRD commenced a tax audit of NZX in November 2012. The audit has been ongoing since then and relates to the income tax returns for the years ended 31 December 2008 to 2010. As disclosed in NZX’s 30 June 2014 financial statements, in March 2014 the IRD issued Notices Of Proposed Adjustment in relation to certain items.
NZX advises that it has agreed a settlement in principle with the IRD in respect of these matters. As a result, NZX’s annual financial statements for the year ended 31 December 2014 will include a provision of $1.2m to account for the tax and estimated use of money interest payable pursuant to the settlement. This settlement will conclude the tax audit.