Vol 9 No 6
Issued
01 Jun 1997

TIB - June 1997

Interpretation statements

  • Trophies and animal products derived from the tourist, hunting and safari industry: zero-rating under GST

Legislation and determinations

  • Electronic article surveillance systems – depreciation determination DEP26
  • Average market values of specified livestock – 1997
  • Mulchers (Commercial) – depreciation determination DEP25
  • Ink mixing systems, computerised – draft general depreciation determination
  • Fringe benefit tax – prescribed interest rate decreased to 9.65%
  • “Kiwiplus” – kiwifruit packhouse software
  • Taxation (Income Tax Rates) Act 1997
  • Deemed rate of return announced for foreign investment fund regime

Binding rulings

  • Employment Court awards for lost wages or other remuneration – employers’ liability to make tax deductions (BR Pub 97/7 and 97/7A)

Questions we’ve been asked

  • Income Tax Act 1994
    • Whether doctor companies can return income using the cash basis
    • Depreciation of intangible assets
    • Non-resident withholding tax on royalties paid to overseas holder of copyright
    • Resident withholding tax on interest paid on GST refunds paid late
  • Estate and Gift Duties Act 1968: Gift duty exemption clarified

Legal decisions - case notes

  • Conveyance duty – land acquisition: Fulton Hogan Canterbury v CIR
  • Judicial review – assessment under appeal: Miller & O’Neill v CIR
  • Penal tax – failure to account for PAYE: TRA 96/18