Vol 7 No 3
Issued
01 Sep 1995

TIB - September 1995

Binding rulings

  • GST: Secondhand goods input tax deduction for forestry rights
  • Companies claiming an income tax deduction for gifts of money
  • United Airlines employee share purchase scheme (Gazette notification)

Policy statements

  • Retraining payments made on employment termination - assessability
  • Difference between a taxable activity (GST) and a business activity (income tax)
  • Additional tax - remission when taxpayer makes an incorrect interpretation
  • Employer premium rate - partnership earnings other than as an employee
  • Zero-rating goods and services for GST - where to enquire
  • GST registration - effective date when applicant requests backdated voluntary registration
  • Conveyances involving intermediaries - conveyance duty

Legislation and determinations

  • Golfing equipment - depreciation
  • CCH electronic publications - depreciation
  • FBT - prescribed interest rate lowered to 10.6%
  • Wool combing machinery - depreciation

Questions we’ve been asked

  • Income Tax Act 1994
  • Goods and Services Tax Act 1985 
  • Student Loan Scheme Act 1992 

Legal decisions - case notes

  • Budget Rent A Car v CIR: Bad debts - deductibility
  • TRA 93/235: Share write-off - loss deductible
  • Norfolk Apartments Limited v CIR: Retirement village development - GST input credits not claimable
  • Hutchinson Brothers Limited v CIR: Reopening assessments - limitation periods
  • Golden Bay Cement Company Limited v CIR: Judicial review - issuing an amended tax assessment
  • Alexander & Alexander Pension Plan v CIR: When transactions by superannuation schemes Pension Plan v CIR constitute “dealing in shares”