TIB - November 1994

Policy statements

• GST - the definition of secondhand goods
• Ports cannot zero-rate supplies of storage facilities to non-residents
• Salaries and qualifying payments to partners in a partnership
• Resident withholding tax on interest paid to partners
• Shareholder elections under qualifying company rules when shares sold to existing shareholder
• Deductibility of amounts paid for failure to repair and maintain leased land

Legislation and determinations

• FBT - prescribed interest rate increased to 8.4%
• Depreciation rates for Crown Health Enterprise assets - 1993/94 income year

Questions we've been asked

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

Legal decisions - case notes

• Colonial Motor Co v CIR:  Deduction for seismic strengthening costs
• Colonial Mutual Life Assurance v CIR: Various life insurance company tax issues
• TRA 93/21: Whether warranty reimbursements liable to GST
• TRA 94/89: Ability of taxpayer to use foreign tax credit
• TRA 93/234: Whether sale of land is a supply in the course or furtherance of a taxable activity
• TRA 88/104:  Whether penal tax charged was excessive