TIB - December 1996

Legislation and determinations

Rifles, shotguns, pistols, firearms, fastening guns (explosive) - Depreciation Determination DEP20
Aquariums - draft depreciation determination
Special banking option for overseas pensions begins 1 April 1997
Fringe benefit tax - prescribed interest rate decreased to 11.1%

Binding rulings

GST - input tax deductions for finance lease financiers and the appropriate method for section 21 adjustments (BR Pub 96/11)
GST - time of supply when payment is made by cheque, credit card, charge card or irrevocable letter of credit (BR Pub 96/12)
Associated non-profit bodies - $1,000 income tax exemption (BR Pub 96/1A)
Relationship between the “unit trust” and “qualifying trust” definitions (BR Pub 95/5A)
Financial planning fees - income tax deductibility (BR Pub 95/10A)
Dispositions where the transferor reserves a benefit or advantage in real property - income tax implications (BR Pub 96/2A)
Bad debts - writing off debts as bad for GST and income tax purposes (BR Pub 96/3A)
Debt forgiveness in consideration of natural love and affection (BR Pub 96/4A)
Bay of Plenty Co-operative Fertiliser Company Ltd’s offer to Southfert Co-operative Ltd shareholders (BR Prd 96/40)
Public rulings issued as at 8 December 1996

Questions we’ve been asked

Income Tax Act 1994: Tax treatment of United Nations Joint Staff Pension Fund payments

Legal decisions - case notes

Challenging the validity of an assessment by judicial review proceedings: NZ Wool Board v CIR
Ability to lead evidence on the Commissioner’s actions and procedures: HC Auckland M 245/96
Amended assessments of group companies disallowing deductions for loss setoffs: Hotdip Galvanisers (Chch) Ltd v CIR
Profits from the sale of shares: Rangatira Ltd v CIR