Vol 9 No 4
Issued
01 Apr 1997

TIB - April 1997

Legislation and determinations

  • Electronic article surveillance systems – draft general depreciation determination
  • 1997 international tax disclosure exemption ITR8
  • Provisional taxpayers and the new compliance and penalties rules – changes from 1 April

Questions we’ve been asked

  • Income Tax Act 1994
    •  Interest/bank charges deductibility – loan from shareholder to company
    • Whether losses can be partially offset in one year, and balance carried forward to next year
    • Childcare/housekeeper rebate when attending university full-time
    • Imputation credits affected by change in shareholder continuity
    • Non-cash dividend and imputation credits
    • Company partially owned by non-resident – can it be a qualifying company?
  • Tax Administration Act 1994: Retrospective adjustment to salaries paid to shareholder-employees
  • Goods and Services Tax Act 1985: Late GST refunds – interest of less than $5 payable?

Legal decisions - case notes

  • Judicial review – assessments under old section 276: BNZ Finance Ltd v CIR and Nash
  • Input tax credits – “supply by way of sale”: Union Corporate Services Ltd v CIR
  • Body corporate charging GST output tax: Taupo Ika Nui Body Corporate v CIR
  • Club manager– whether employee or independent contractor: TRA 97/74