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