TIB - October 1998

Standard practice statements

• Stamp duty – transferring land in excess of 4,500m2 (GNL-150)
• Payment of debt by compulsory deductions from bank accounts (RDC-3)

Legislation and determinations

• Foreign currency amounts – conversion to NZ currency
• Use of money interest rates reduced from 8 November 1998

Questions we’ve been asked

• GST registration backdated – penalties

Binding rulings

• Bonus payments – tax deductions and assessability (BR Pub 95/7 non-renewal)

General interest items

• Company returns – determination of losses carried forward

Legal decisions - case notes

• Business sold while not functioning – whether a going concern: TRA 96/90 
• Judicial review proceedings – assessments involving company loss offsets: Great Northern Motor Co, Kat Agency, Ron McDonald Ltd v CIR
• GST refund cannot be delayed – no authority to reassess registered person: FB Duvall v CIR