TIB - November 1995

Binding rulings

• Low cost income protector policy agreed value (BR Prd 95/5)
• Share cancellation (BR Prd 95/6)
• Relationship between the “unit trust” and “qualifying trust” definitions (BR Pub 95/5)
• Tax treatment of credit card companies’ frequent flyer schemes (BR Pub 95/6)

Policy statements

• Insurance, indemnity, compensation or damages receipts for loss or damage to trading stock or consumable aids
• Additional and incremental tax - remission
• Underestimation additional tax charged before 1994-95 year - remission under section 413 of Income Tax Act 1976
• Cash basis holder status not optional
• Approved issuer levy - late registration of securities

Legislation and determinations

• Proposed new asset classes in basic economic depreciation rates

Questions we’ve been asked

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

Legal decisions - case notes

• CIR v Mitsubishi Motors NZ Ltd: Timing of deductibility of warranty expenses
• TRA 91/8: Allocation of income from a family trust
• CIR v Roma Properties Ltd: Fringe benefit tax - status of “employee” - whether application of law retrospective
• TRA 95/51: Criteria for granting extensions of time for filing points-of-objection notices
• Paul Finance Ltd v CIR: Application for summary judgment in respect of GST refund withheld by Commissioner
• Barrat Partnership v CIR: Supply of a taxable activity as a going concern
• TRA 95/25:  Payment of debts not deductible in the course of business
• TRA 91/24:  Whether lease inducement payments subject to GST
• FF Brown and others v CIR: Foreign exchange loss