TIB - May 1997

Legislation and determinations

• Fabric samples and fabric display stock – draft depreciation determination
• Determination: amount of a specified withholding payment (being prize money) which shall be regarded as expenditure incurred in production of payment
• Estate and Gift Duties (Termination of Exemption) Order 1997 – recent Order in Council with implications for local authorities

Binding rulings

• Interest on money borrowed to pay up uncalled or unpaid capital in a group company – deductibility and meaning of “to acquire shares” (BR Pub 97/4)
• Deductibility of interest on money borrowed to refinance a debt used to acquire shares – meaning of “acquired” (BR Pub 97/5)
• Charitable organisations and fringe benefit tax (BR Pub 97/6)
• Notice of withdrawn public rulings (BR Prd 97/13 and 97/14)
• Public Service Investment Society transaction fees (BR Prd 97/36)

Legal decisions - case notes

• Land subdivision – taxable activity: RD Wakelin v CIR
• Crown payments not subject to GST: CIR v NZ Refining Company Ltd