Vol 10 No 11
Issued
01 Nov 1998

TIB - November 1998

Binding rulings

  • Year 2000 expenditure – income tax deductibility (BR Pub 98/4)

Questions we’ve been asked

  • Private and product binding rulings – to whom do they apply?
  • Child support deductions from holiday pay

Interpretation statements

  • Temporary imports such as yachts – zero-rating for goods and services tax

Legislation and determinations

  • Laser cutting machines – draft depreciation determination
  • Inland Revenue now able to supply information to Department for Courts

Legal decisions - case notes

  • Case stated – whether filed with court in time (JB Sayer v CIR)
  • Share portfolio establishment cost – deductibility (TRA 97/14)
  • National super surcharge when overseas pension credited to Income Support (TRA 97/121, 97/122)
  • Loss offset in group of companies (Golden Bay Cement Co Ltd v CIR)
  • Lease inducement payment – capital receipt (Wattie & Lawrence v CIR)
  • Challenging assessment within two months – whether exceptional circumstances existed (Milburn NZ Ltd v CIR)
  • Farm land leased – value of supply for GST (TRA 97/40) .