Vol 6 No 9
Issued
01 Feb 1995

TIB - February 1995

Policy statements

  • Using a special tax code
  • Definition of a qualifying trust
  • Fractional shares in land - value for gift duty
  • Imputation credit account and dividend withholding payment account - penalty tax and additional tax
  • Commissioner’s powers under section 400 of the Income tax Act 1976
  • Guaranteed Minimum Family Income - self-employed people’s eligibility
  • Base price adjustment when a company purchases its own debt instrument
  • Exemption from NZ income tax for foreign international aircraft operators

Legislation and determinations

  • Comparative tables: section numbers of Income Tax Act 1994, Income Tax Act 1976, and other tax Acts
  • FBT - prescribed interest rate increased to 9.2%
  • Student Loan scheme - repayment threshold raised

Questions we've been asked

  • Income Tax Act 1976 
  • Goods and Services Tax Act 1985 
  • Student Loan Scheme Act 1992 

Legal decisions - case notes

  • TRA 94/86 & 94/87: Depreciation of a yacht used for charter hire
  • TRA 93/93 & 93/96: Company loss not able to be offset amongst group
  • TRA 93/236: Assessable income for low income rebates
  • TRA 91/89: Assessability of profit on sale of shares

See also the appendix.