TIB - March 1998

Legislation and determinations

• 1998 national standard costs for livestock
• Copyright in sound recordings – Depreciation Determination DEP31
• Library books and periodicals – Depreciation Determination DEP32
• Delimbers, self-propelled, mobile – draft depreciation determination
• Depreciation – bedding (medical and medical laboratories) – correction to DEP30
• Motor vehicles rented for short-term periods of 1 month or less – draft depreciation determination

Interpretation statements

• Salespersons on commission plus retainer – withdrawal of article in PIB 178

Standard Practice Statements

• Shortfall penalties – not taking reasonable care (INV-200)
• Shortfall penalties – unacceptable interpretation (INV-205)
• Shortfall penalties – gross carelessness (INV-210)
• Shortfall penalties – abusive tax position (INV-215)
• Shortfall penalties – evasion or similar act (INV-220)
• Criminal offence – evasion or similar offences (INV-225)
• Payment of shortfall penalty using losses (INV-245)
• Voluntary disclosures (INV-250)

Binding rulings

• New Zealand Automobile Association’s customer loyalty programme (BR Prd 98/7)
• Payments under the Human Rights Act 1993 for humiliation, loss of dignity, and injury to feelings – assessability (BR Pub 98/2)
• Prudential Assurance Company NZ Ltd’s Income Protection Plan (BR Prd 98/5)

Policy statement

• The IR 10 and disclosure obligations

Questions we’ve been asked

• Income Tax Act 1994: Application for charitable status by Christian counsellors
• Goods and Services Tax Act 1985: GST on beneficiaries’ expenses

Legal decisions - case notes

• Motel assets sold – assessability of profits: TRA 96/11, 96/16, 96/22, 96/23, 96/50, 96/62, 97/7
• Assignment of joint venture rights – assessability of payment: Renouf Corp’n Ltd, Kirkcaldie and Stains Ltd, Renouf Industries Ltd v CIR
• Assets of former tax-exempt body sold at loss – apportioning deductibility of loss: NZ Apple and Pear Marketing Board Ltd v CIR