Vol 7 No 5
Issued
01 Nov 1995

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