Food to be exempted from GST

Short: Food to be exempted from GST

Long: This contract pays $1 if food is made partly or entirely exempt from GST in New Zealand by 1 October 2012. Otherwise this contract pays $0.

Judging: The purpose of this contract is to measure likelihood that basic foods will be made partly or completely exempt from GST.

This contract will pay $1 if major basic foods, including but not limited to milk or bread, is subject to a lower (or no) GST rate than applies to most final goods and services.

This reduced rate must take effect on or before 1 October 2012 for this contract to pay $1.

This contract will not pay $1 for any one-off "GST holidays", if any. Any change in GST must be of a permanent nature.

"Of a permanent nature"

probably needs to be worded slightly better - legislation is only as permanent as the politicians that draft it. Should say something like "Any change in GST must have no reviews or sunset clauses or dates written into the legislation."

Yep, good idea, thanks E.