Vol 7 No 7
Issued
01 Jan 1996

TIB - January 1996

Binding rulings

  • Financial planning fees: income tax deductibility
  • GST treatment of financial planning fees
  • GST: importers and input tax deductions
  • GST and supplies paid for in foreign currency

Legislation and determinations

  • Propane gas cylinders - depreciation
  • FBT - prescribed interest rate remains at 10.6%
  • Student Loan scheme - interest rates and repayment threshold for 1996-97

Policy statements

  • Reopening income tax assessments
  • PAYE and earner premium deductions - penalties for failure to make or account for deductions
  • Change to payment due date set under section 139(4), Tax Administration Act 1994
  • Mining assets - deductibility/assessability

Questions we’ve been asked

  • Income Tax Act 1994 
  • Goods and Services Tax Act 1985 
  • Child Support Act 1991 
  • Tax Administration Act 1994 

Legal decisions - case notes

  • TRA 95/50: Business purchase - deductibility of lease and depreciation
  • DB Productions Ltd v CIR, DB Group Ltd v CIR: Film expenditure and royalty payments - deductibility
  • TRA 94/159: Company in liquidation - whether former receiver and tax agent’s objection and case stated request valid
  • GPO Holdings Ltd v CIR: Trading profit received upon settlement - whether assessable income
  • CIR v Medical Council of NZ: Medical Council of New Zealand - whether exempt from income tax
  • TRA 94/156: Land purchase - GST input tax credit claim