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Vol 34 No 6 TIB - July 2022

27 Jun 2022 TIB / Volume 34 - 2022

New legislation

  • LI2022/97 – Order in Council - Taxation (Use of Money Interest Rates) Amendment Regulations 2022
  • LI2022/98 – Order in Council - Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2022
  • LI2022/151 – Order in Council - Income Tax (Deemed rate of return on Attributing Interests in Foreign Investment Funds, 2021–22 Income Year) Order 2022

Determination

  • NAMV 2022: National Average Market Values of Specified Livestock Determination

Rulings

  • BR Pub 22/06: FBT - Charitable and Other Donee Organisations and Fringe Benefit Tax
  • BR Pub 22/07: Goods and Services Tax – Importers and input tax deductions
  • BR Pub 06/03: Withdrawal notice

Questions we’ve been asked

  • QB 22/03: GST – Customs brokers and GST levied by Customs
  • QB 22/04: GST – Importers and recalculated GST

Operational statement

  • OS 19/04 (KM 2022): Kilometre rates for the business use of vehicles for the 2022 income year

Technical decision summaries

  • TDS 22/05: Whether weathertightness payments by the Crown are subject to GST
  • TDS 22/07: Income tax, controlled foreign company, double tax agreement, shortfall penalties

COV 22/18 Variation in relation to s 70C of the Tax Administration Act 1994 to extend deadline for filing statements in relation to R & D loss tax credits

23 Jun 2022 Determinations / COVID-19 variations

This variation provides extra time to file the statements required by section 70C of the Tax Administration Act 1994, in relation to R&D loss tax credits, when the statements were unable to be filed on-time due to COVID-19 response measures or as a consequence of COVID-19.

PUB00396: Cash basis persons under the financial arrangements rules

19 Jun 2022 Web page
Send us your feedback on this interpretation statement, which explains when a person can account for income and expenditure from financial arrangements on a cash basis instead of an accrual basis. 

LI 2022/151 Foreign investment fund deemed rate of return set for 2021-2022

17 Jun 2022 New legislation / Order in Council articles / 2022
The deemed rate of return for taxing foreign investment fund interests is 6.01% for the 2021-2022 income year, up from the previous year’s rate of 4.43%.

QB 22/05 GST – Does zero-rating apply to certain services that airport operators supply to international airline operators?

16 Jun 2022 Questions we've been asked / 2022

This question we’ve been asked discusses the GST treatment of garbage disposal, lighting and security, aircraft parking and terminal services that airport operators supply to international airline operators.

To be published in the August 2022 Tax Information Bulletin

TDS 22/11 “Negative income” adjustment, RWT credit, time bar

16 Jun 2022 Technical decision summary / 2022

Income Tax:  Whether the Taxpayer is entitled to a “negative income” adjustment as a consequential adjustment to avoid double taxation.  Whether the time bar applies.  Whether the Taxpayer is entitled to the resident withholding tax (RWT) credit it claimed.  Whether the net loss amount should be adjusted.

To be published in the August 2022 Tax Information Bulletin

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TDS 22/12 “Negative income” adjustment - Shortfall penalties

16 Jun 2022 Technical decision summary / 2022

Income tax:  Whether the Taxpayer was correct to include the negative income adjustment in its income tax return to prevent income being taxed twice.  Whether the Taxpayer is liable for shortfall penalties.

To be published in the August 2022 Tax Information Bulletin

Find out more about Technical Decision Summaries

TDS 22/09 GST: Private recreational pursuit or hobby, taxable activity

15 Jun 2022 Technical decision summary / 2022

GST: Private recreational pursuit or hobby, taxable activity

To be published in the Tax Information Bulletin August 2022

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TDS 22/10 GST: Whether property sale is zero-rated. Time bar.

15 Jun 2022 Technical decision summary / 2022

GST: Whether property sale was zero-rated. Whether proposed amendment to assessment was time-barred.

To be published in the Tax Information Bulletin August 2022

Find out more about Technical Decision Summaries

TDS 22/08 Quantum of suppressed income and whether it is dividend or employment income

15 Jun 2022 Technical decision summary / 2022

Quantum of suppressed income; Nature of income, employment or dividend; Treatment of reparation order payments

To be published in the Tax Information Bulletin August 2022

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Public Statements Service customer survey

In October 2021, Public Rulings and Technical Standards ran a customer survey to identify levels of customer satisfaction and to invite comments on ways in which we can improve our products and services.

Read the survey report

COVID-19 variation determinations

We have published a number of determinations that recognise the impact of COVID-19 on taxpayers and their ability to comply within timeframes.

See COVID-19 variations.