TIB - December 1998

New tax legislation passed

• Taxation (Simplification and Other Remedial Matters) Bill
• Taxation (Tax Credits, Trading Stock, and Other Remedial Matters) Bill

Legislation and determinations

• Fringe benefit tax - prescribed interest rate decreased to 6.94%

Standard practice statements

• Fast tracking small simple disputes (INV-140)

Binding rulings

• Forestry rights – secondhand goods GST input tax deduction (BR Pub 98/5)
• Netherlands social security pensions – taxation when recipient is NZ resident (BR Pub 98/6)
• Easements – deductibility of the costs of preparation, stamping, and registration (BR Pub 98/7)