Vol 7 No 1
Issued
01 Jul 1995

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