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