TIB - June 1996

Average market values of specified livestock - 1996

Inland Revenue to increase action on property speculation

Fringe benefit tax - prescribed interest rate increased to 10.6%

New Inland Revenue office in Panmure

Questions we’ve been asked

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

Legal decisions - case notes

• Lyttelton Port Co Ltd v CIR: Accrual rules - statutory interpretation of section 64BA(1)(c)(i) of the Income Tax Act 1976
• TRA 94/8 and 93/147: GST - subdivision of objectors’ home property
• TRA 93/224, 93/221 and 93/223:  NZ Bill of Rights Act does not prevent charging of penal tax after a prosecution
• Lockwood Buildings Ltd v CIR: Management fees - deductibility
• TRA 94/43:  Property holding company - whether engaged in specified activity