Vol 4 No 6
Issued
01 Jan 1993

TIB - January 1993

New Tax Legislation

  • Proposed new tax treatment for entertainment expenditure
  • Energy Companies - tax implications of Energy Companies Act 1992
  • Student Loan Scheme Act 1992

Policy Statements

  • Non-standard balance dates and business income
  • GST and bloodstock destined for export to Asia - definition of consumption

Questions we've been asked

  • Income Tax Act 1976 
  • Goods and Services Tax Act 1985 
  • Stamp and Cheque Duties Act 1971 

Legal decisions - case notes

  • CIR v Inglis:  Deduction for loss on shares - acquired for resale
  • CIR v Stockwell:  Deduction for loss on shares - taxpayer in business of dealing in shares, and had acquired them for resale
  • TRA No.88/92:  Commodity and hedging contracts, and the accrual regime
  • TRA No.82/92: Travel agents operating under company mantle not employees
  • TRA No.92/19:  Stolen money not assessable income, losses from trading on futures market deductible
  • James Bull Ltd v CIR:  Farming investment allowance disallowed
  • Case P85:  Loss of profits insurance payout assessable when payment settled
  • TRA No.92/94, 92/95, 92/96:  Money taken by shareholders deemed dividends
  • Case P86:  Penal tax reduced
  • CIR v Watson:  TRA decision allowing business expenses upheld
  • Turakina Maori Girls College & ors: Attendance dues for integrated schools subject to GST
  • Case P83:  Australian registered for GST for farm subdivision
  • Case P84: Purchase of business premises, previously leased by purchaser and partner, not a going concern
  • TRA No.92/93: Purchase of a charter yacht not a going concern
  • TRA No.91/184:  Consent order settling property valuation
  • TRA No.92/119:  GST invoice requirements
  • TRA No.91/70: Costs not imposed on late withdrawal of objection 
  • TRA No.92/88:  Dismissal of objection for non-appearance
  • TRA No.92/87:  Case withdrawn by consent, no costs order