TIB - July 1995

Policy statements

• Motor vehicle reimbursement - new rates to replace public service mileage rates
• Fruit trees replaced by regrafting or replanting - income tax treatment
• Building and engineering industries - successive supplies
• GST de minimis rule applying to exempt supplies by a registered person
• Specified suspensory loans - income tax treatment when remitted
• GST - impact on the preparation of income tax accounts
• Determining a person’s permanent place of abode

Legislation and determinations

• 1995 international tax disclosure exemption ITR6

Questions we’ve been asked

• Income Tax Act 1994
• Income Tax (Withholding Payments) Regulations 1979
• Goods and Services Tax Act 1985

Legal decisions - case notes

• TRA 94/27 and 94/28: Discount for early payment of share capital is not interest
• TRA 92/60: Whether a body corporate is carrying on a taxable activity
• Unreported TRA 94/34: Whether land purchased for the purpose of erecting a dwellinghouse
• CIR v Coveney, CIR v Dooley, CIR v Swain & Adams: GST input tax claimed on the purchase of a farm dwelling
• CIR v Rangatira Ltd: Share sales profit - assessability
• DA Norton v CIR: Real estate agent’s reimbursement - monetary remuneration?
• TRA 94/57: Apportioning GST input tax credits between zero-rated and exempt supplies