Vol 9 No 9
Issued
01 Sep 1997

TIB - September 1997

Legislation and determinations

  • Superannuitant surcharge abolished
  • Computer numerically controlled (CNC) wood turning machines – depreciation determination DEP28
  • Schedule of items omitted from depreciation schedule

Binding rulings

  • Interest repayments imposed as a result of early repayment of a financial arrangement – deductibility (BR Pub 97/9)
  • Morgan Stanley Capital (Cayman Islands) Limited’s OPALS investment product (BR Prd 97/48)
  • National Bank of New Zealand Limited’s superannuation fund – withdrawals (BR Prd 97/68)

Interpretation statements

  • Pre-1993 net losses – carrying forward and satisfying shareholder continuity requirements
  • GST and repossessions in the motor vehicle industry

Questions we’ve been asked

  • Income Tax Act 1994: Losses released on discharge from bankruptcy – inability to carry forward

Legal decisions - case notes

  • Stolen funds – whether assessable income: A Taxpayer v CIR
  • Computer programs and software – whether intellectual property or goods: TRA 95/37
  • Assets retained – whether taxable activity still exists: TRA 96/116