Vol 10 No 10
Issued
01 Oct 1998

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