Vol 8 No 2
Issued
01 Aug 1996

TIB - August 1996

Policy statement renamed and restructured

Tax deductions from real estate salespersons

ACC employer premium classification bulletins - local government

Non-resident contractor enquiries - change of IRD contact address

Legislation and determinations

  • Marquees - draft depreciation determination
  • Wintering pads (rubber) - depreciation (PROV5)
  • Rifles, shotguns, pistols, firearms, fastening guns (explosive) - draft depreciation determination
  • Undersea maintenance equipment - general depreciation determination (DEP17)

Binding rulings

  • Tower Retirement Investment Ltd’s “FuturePlan” (BR Prd 96/18)
  • Tower Retirement Investment Ltd’s “FreedomPlan” (BR Prd 96/19)
  • Tower Retirement Investment Ltd’s “InvestDirect Plan” (BR Prd 96/20)
  • Earlier binding rulings withdrawn and replaced
  • Mico Wakefield Ltd’s trade loyalty programme (BR Prd 96/21)

Questions we’ve been asked

  • Income Tax Act 1994 Prizes paid in instalments - correction
  • Goods and Services Tax Act 1985: GST on supplies from unregistered partners to registered partnerships
  • Accident Rehabilitation and Compensation Insurance Act 1992: Loss of earnings insurance policy payouts - whether liable to ACC premiums

Legal decisions - case notes

  • Supply of services subject to GST: TRA 93/21
  • Time limits for appeals: TRA 95/013 & 95/015
  • Payment for surrendering option to purchase - capital receipt: Union Steamship Co Ltd v CIR
  • Land subdivision profits - assessability: TRA 94/19 & 94/20