This question we’ve been asked clarifies the Commissioner’s view on certain aspects of the income tax and GST treatment for persons who own bloodstock for the purposes of carrying on a bloodstock breeding business.

Send us your feedback on this draft interpretation statement and fact sheet which consider the bright-line test for residential land and how it applies to certain family and close relationship transactions.  

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Send us your feedback on this draft determination item which sets depreciation rates for automated ship mooring systems used in the ordinary course of business. 

This question we've been asked considers whether income tax deductions can be claimed for overseas travel costs (other than meal costs). It also covers how to apportion costs when only part of the total amount incurred is deductible.

This item replaces: Policy Statement “Overseas travel expense claims” published in Tax Information Bulletin Vol 7, No 2 (August 1995): 13.

This item will be published in the October 2022 Tax Information Bulletin.

New legislation

• LI2022/232 - Order in Council: Tax Administration (July Adverse Weather Event) Order 2022

Determinations

• DEP108: Tax depreciation rates for hydrofraise rigs
• FDR 2022/01: A type of attributing interest in a foreign investment fund for which a person may use the fair dividend rate method.

Ruling

• BR Prd 22/08: Ministry of Education

Interpretation statements

• IS 22/04: Claiming depreciation on buildings
• IS 22/05: Cash basis persons under the financial arrangements rules

Technical decision summaries

• TDS 22/13: Whether portable units are exempt supplies of accommodation in a dwelling
• TDS 22/14: GST and income tax: Liable as agent for tax obligations of a company?
• TDS 22/15: Deductibility of depreciation and expenses
• TDS 22/16: Non-resident supplier – application for GST registration

Send us your feedback on these draft items which cover the tax treatment of payments made by parents to private schools.

Send us your feedback on this draft interpretation statement which considers company losses – ownership continuity, sharing and measurement.

 

 

The Arrangement is the provision of vehicles owned by Sustainable Mobility Limited (trading as Zilch) to a business customer who uses the vehicles for business purposes. The Arrangement also enables a driver–employee of the business customer to pay Zilch for the use of the vehicles for their private purposes.

Income Tax: Deductions for expenses and depreciation; quantum of losses carried forward; depreciation of pooled assets. Tax Administration Act 1994: Deemed acceptance.

Tax Information Bulletin Vol 34 No 8, September 2022

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