Volume 36 No 8 TIB - September 2024
New legislation
- SL 2024/154– Order in Council Double Tax Agreements (Slovak Republic) Order 2024
- SL 2024/153 – Order in Council Double Taxation Relief (Austria) Amendment Order 2024
Legislation and determinations
- DET 24/03: Determination under section RD 11(3) of the Income Tax Act 2007 of the amount of tax for a payment of a main benefit
Interpretation statements
- IS 24/05: Employer obligations for employee share scheme benefits paid in cash
- IS 24/06: PAYE – How an employer funds the tax cost on an employee share scheme benefit
Commissioner’s statement
- CS 24/01: Determining the “market value” of shares that an employee receives under an employee share scheme
Standard practice statements
- SPS 24/01: Requests to change a balance date
- SPS 24/02: Extension of time applications from customers without tax agents
Technical decision summaries
- TDS 24/15: GST – payment for participation in religious practice
- TDS 24/16: Look-through company election
CS 24/02 Withholding obligations arising in relation to transfer pricing arrangements
CSUM 24/05 High Court finds remediation work on rental property capital in nature
IS 24/07 Deductions for parties to employee share schemes
This interpretation statement considers what deductions employers can claim for income tax in relation to employee share schemes. It explains the need to satisfy the general permission and when the capital limitation might apply.
A trust is a creation of the law of equity and is not a legal entity distinct from its trustee. Instead, a trust is a fiduciary relationship where a trustee holds property for the benefit of beneficiaries or, where the trust is a charitable trust, for the specified charitable purposes. Although the trustee has legal ownership of the trust property, they hold it subject to the beneficial interests of the beneficiaries and must act in accordance with the terms of the trust and the Trusts Act 2019.
TDS 24/17 Deductibility of bonus payments
TDS 24/16 Look-through company election
Look-through company; look-through counted owner; available capital distribution amount; tainted capital gains
SPS 24/02 Extension of time applications from customers without tax agents
This Statement sets out certain practices that the Commissioner will apply when considering applications for an extension of time to file an income tax return from customers who are not represented by a tax agent.
Vol 36 No 7 TIB - August 2024
Determinations
- FDR 2024/02: A type of attributing interest in a foreign investment fund for which a person may not use the fair dividend rate method (Colchester Multi-Strategy Global Bond Fund PLC – The Colchester Global Green Bond Enhanced Currency Fund - NZD Hedged Accumulation Class Z Shares)
- DEP112: Tax Depreciation Rate for metal (scrap) recovery plant
Interpretation statement
- IS 24/04: Trustee of employee share scheme trust treated as nominee
Questions we’ve been asked
- QB 24/03: Fringe benefit tax – employee share loans and associates
- QB 24/04: When is a subdivision project a taxable activity for GST purposes?
Technical decision summaries
- TDS 24/13: GST – supply of accommodation
- TDS 24/14: Interest free loan and dividends
Reference | Title | Closes |
---|---|---|
PUB00455 | Look-through companies and disposal of residential land under the bright-line test | 23 September 2024 |
PUB00454 | Income Tax – Share investments | 24 September 2024 |
PUB00452 | Income Tax and GST – forestry activities registered in the Emissions Trading Scheme | 08 October 2024 |
ED0258 | The Commissioner of Inland Revenue’s search powers | 18 October 2024 |
ED0260 | Section 17B Notices | 18 October 2024 |
PUB00487 | Income tax – short-stay accommodation | 25 October 2024 |
PUB00486 | GST treatment of fees paid in relation to managed funds | 25 October 2024 |
PUB00461 | Income tax – arrangements involving tax losses carried forward under the business continuity rules | 01 November 2024 |
Consultations closing soon
PUB00455 Look-through companies and disposal of residential land under the bright-line test
Closes: 23 September 2024