Vol 34 No 6 TIB - July 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
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
LI 2022/151 Foreign investment fund deemed rate of return set for 2021-2022
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
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
TDS 22/12 “Negative income” adjustment - Shortfall penalties
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
TDS 22/09 GST: Private recreational pursuit or hobby, taxable activity
GST: Private recreational pursuit or hobby, taxable activity
To be published in the Tax Information Bulletin August 2022
TDS 22/10 GST: Whether property sale is zero-rated. Time bar.
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
TDS 22/08 Quantum of suppressed income and whether it is dividend or employment income
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
| Consultation # | Title | Closes |
|---|---|---|
| PUB00396 | Cash basis persons under the financial arrangements rules | 15 July 2022 |
| ED0243 | When employee allowances for additional transport costs are exempt from tax | 22 July 2022 |
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.
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.