Vol 5 No 11
Issued
01 Apr 1994

TIB - April 1994

Legislation and determinations

  • National standard cost values for livestock - 1994
  • Income Tax (National Standard Costs for Livestock) Determination 1994
  • Depreciation - floor mats
  • Family Support - application date for changes made by Income Tax Amendment Act (No.2) 1993
  • Provisional tax rules from 1994/95 year onwards

Policy statements

  • GST - claims for secondhand goods input tax credits on property transactions between associated persons
  • $200 limit for writing off assets - is GST included?
  • Time share units - when sale profits are assessable
  • Adjustment to costs when domestic establishment attached to business premises
  • Lease duty on assignment of forestry rights - correction
  • GST on goods and services acquired in NZ by diplomatic staff
  • Stamp duty on fruit trees - correction
  • GST - lottery operators and promoters
  • GST registration of branches and divisions of non-profit bodies
  • Policy on changing balance dates - review completed

Questions we've been asked

  • Income Tax Act 1976 
  • Goods and Services Tax Act 1985 
  • Gaming Duties Act 1971 
  • Child Support Act 1991 

Legal decisions - case notes

  • Horizon Homes Ltd & others v CIR: Whether “show homes” are trading stock; timing of assessability of income from construction projects
  • TRA 93/148, 93/149: Whether commercial building sold as going concern
  • Hill v CIR CA 94/93: Deductibility of forestry expenditure

See also the appendix.