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Vol 8 No 10
01 Dec 1996

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