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Vol 6 No 5
01 Nov 1994

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