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