The Carbon Forest Updates
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Westpac NZU price trend
31 March 2011 - LAQC "loophole" closed
From tomorrow tax rates between the deductions and profits on loss attributing qualifying companies (LAQCs), as mentioned on pages 93 and 114, will be aligned.
LAQC's will be treated as limited partnerships, which will mean that profits and losses will be assessed at the marginal tax rate of the investor.
23 March 2011
Cabinet has approved the drafting of the regulations for the Field Measurement Approach (FMA) for assessing carbon stocks in post-1989 forest.
The key features of the FMA are:
21 January 2011
Page 29 The New Zealand Emissions Trading Scheme [clarification] Owners of predominantly exotic or native forests established before 1 January 1990 who deforest more than 2 hectares in a five year period and who do not have an exemption are compulsory participants in the NZETS.
Such owners who have more than 50 hectares in total ownership must register, while owners who have less than 50 hectares must register or apply for an exemption by 30 November 2011.
Page 33 Obtaining carbon credits [clarification] Registered NZETS participants with post-1989 forest land obtain carbon credits for the period 2008–2012.
Page 45 Trading carbon credits [clarification] PFSI participants write a form letter to MAF; NZETS participants file an emissions return.
Page 49–50 Forest types and carbon sequestration rates [correction] We state that New Zealand forest sink schemes allocate carbon credits for above-ground carbon only, which is incorect. The decay of the stump and below-ground carbon is deemed 10% pa for 10 years.
Page 65 Table 4. CO2 stored by forest type for specific sites [correction] The unit under the heading “CO2 stock” should be “(tonnes/ha)”.
Page 70 Sequestration rates – field measurement [update] The current MAF consultation proposal is for the field measurement approach to be compulsory for carbons sinks of 100 hectares or more, and carbon sinks smaller than 100 hectares must use the look-up tables.
Page 73 Table 5. Management strategies for pine and native forests [correction] Under the column “High management : Pine” row “Other” the text should read: If logged and not replanted, all credits received must eventually be returned or paid for.
Page 88 Commercial ownership models [clarification] If a separate forestry rights holder exists, they must obtain permission in writing from the landowner to enter the NZETS (post-1989 forest).
Download a PDF of this errata (PDF, 84 KB) - print and slip in to the back of your copy.
10 December 2010
MAF are calling for submissions on their Forestry Schemes Review.
The consultation document (PDF) includes this:
To date, 20 PFSI covenants covering 5319 hectares have been registered. A further 15 covenants have been approved (but not yet registered) or are under process. The total PFSI area either covenanted or under application is 9240 hectares.
You can provide your submission online.
29 November 2010
In MAF's Sustainable Forest Bulletin Issue 21 - 29 November 2010 they state: