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Vol 10 No 2
01 Feb 1998

TIB - February 1998

Legislation and determinations

  • Computer numerically controlled (CNC) drilling and routing machines – draft general depreciation determination
  • Maori Reserved Land Amendment Act 1997 – tax implications
  • Amendments to the Income Tax Act 1994 arising from other legislation

Binding rulings

  • “Transitional capital amount” – definition (BR Pub 98/1)
  • Investment in WEBS Fund Inc. (BR Prd 98/1)
  • Notice of withdrawal of Product Ruling (BR Prd 97/43)

Legal decisions - case notes

  • Property sold to tenant – whether sale of going concern: KR Pine v CIR
  • Property developer – land acquisition/development costs – deductibility: Thornton Estates Ltd v CIR
  • Insurance company not assessable on share sale proceeds: National Insurance Co of NZ Ltd v CIR
  • Points of Objection Notice – extension of time for filing: TRA 96/96
  • Tax credit availability when all income offset within group: Charity Finance Ltd v CIR
  • Study payment from employer – assessability: TRA 95/49
  • Contract for use of farm land – whether taxable activity: Bayly Trust v CIR
  • Timber compensation payments (for not logging) – assessability: TRA 96/40