Just like Australia, the New Zealand Government is to introduce special legislation to ensure AGL is not hit with a larger tax bill as a result of one off structural changes as it moves into the modern corporate age.

AGL has said its been advised by the present NZ Minister for Finance, Dr Michael Cullen, that the Bill containing the amendments will be carried over to the next Parliament.

In addition, Dr Cullen said the amendments to the New Zealand Income Tax Act have been approved by the bipartisan Finance and Expenditure Committee and it is highly unlikely that the next Parliament would not support the changes.