TIB - August 1997

Legislation and determinations

• Family Support increase at 1 January 1998
• Computerised Ink Mixing Systems – Depreciation Determination DEP27
• Trailers (Class TD – over 10 Tonnes) – when rented for period of 1 month or less: Draft general depreciation determination

Binding rulings

• Maori trust boards: declaration of trust for charitable purposes made under section 24B of the Maori Trust Boards Act 195 – income tax consequences (BR Pub 97/8)
• Tower SuperPlus Income Fund (BR Prd 97/65)
• Notice of withdrawal of Product Ruling BR Prd 97/64

Interpretation statements

• Ostriches and emus – valuation for income tax purposes
• ACC Accredited Employer Programme

Questions we’ve been asked

• Estate and Gift Duties Act 1968
  • Dispositions where the transferor reserves a benefit or advantage in real property – gift duty implications
  • Gift duty exemption further clarified 

Legal decisions - case notes

• Double deduction not available under sections 85 and 104: BASF NZ Ltd v CIR
• Lease inducement payment – assessability: Wattie and Lawrence v CIR
• Loan guarantee payments – deductibility: McElwee v CIR
• Land subdivider – whether in business: TRA 92/15