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01 Oct 2009

Cancellation of Determination G30

Determination G30 withdrawn 1 Oct 2009 – G30 was intended to eliminate volatility on financial arrangements resulting from IFRS tax rules.

This determination was introduced as an interim measure for use with certain New Zealand currency financial arrangements which were either held or issued by IFRS taxpayers who were in the business of lending money. It is understood that only a few taxpayers applied Determination G30 to eliminate volatility on applicable financial arrangements following the introduction of the original IFRS tax legislation.

The revised IFRS tax rules available from the 2009-10 income year, particularly the introduction of Determination G3 (yield to maturity), mean that this determination is no longer required.

Application date

The notice cancelling Determination G30 was signed on 1 October 2009.