Vol 8 No 4
Issued
01 Sep 1996

TIB - September 1996

Interpretation statements

  • Tax deductions from directors’ fees paid to GST registered person

Legislation and determinations

  • Agreements for sale and purchase of property denominated in foreign currency: discounted value of amounts payable (Determination G21A)
  • Agreements for sale and purchase of property denominated in foreign currency: exchange rate to determine the acquisition price and method for spreading income and expenditure (Determination G26)
  • Summary flowchart - calculating accrual income from foreign currency agreements for sale and purchase
  • FBT prescribed rate of interest increased to 11.5%

Questions we’ve been asked

  • Income Tax Act 1994: Non-resident withholding tax on interest and swap payments

Legal decisions - case notes

  • Losses carried forward not deductible when calculating Family Support: TRA 96/17, 96/20
  • Property sale not zero-rated as supply of a going concern: TRA 96/34
  • Property sale not zero-rated as supply of a going concern: TRA 96/16
  • Time limit for amending assessments - when it runs from: TRA 93/103, 95/21

See also the appendix.