The tax bill to increase by $5 million as per the property tax changes announced in the Budget, says the AMP New Zealand Office Trust.

The largest listed commercial property trust remarked that its delayed tax on revaluation gains will augment to $120 million as at 30 June.

This will result in the Company's net tangible assets of 86 cents per unit falling to 74 cents a unit.

As reported, the Wellington-based trust's deferred tax on revaluation gains recorded in its balance sheet will increase between NZ$115 million and NZ$120 million as in June. Hence, its International Financial Reporting Standards or IFRS net substantial possessions are now anticipated to be roughly NZ 0.74 cents a unit as at June 30, compared with the NZ 0.86 per unit, as affirmed in a preceding market declaration last month.

Chief Financial Officer, Amish Vallabh however, remarked that the change do not affect ANZO's distributions, gearing ratios or interest cover.