Heartland's 2012 profit to be boosted by tax law change
The company has previously forecast net profit for the year ending June 2012 will be between $20 million and $24 million following the acquisition of PGG Wrightson Finance.
This will be boosted by a deferred tax benefit which results from a retrospective law change just enacted by Parliament, Heartland says.
"This bill (the Taxation [tax Administration and Remedial Matters] Bill) contains a retrospective legislative change in relation to mergers of building societies which will apply to the Heartland merger," it says.
Heartland was created in January this year from the merger of Marac Finance, Canterbury Building Society and Southern Cross Building Society.
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