TIB - May 1998
Legislation and determinations
- Accrual determinations G9B and G14A
- 1998 international tax disclosure exemption ITR9
- Credit card transaction duty repealed
- New trading stock rules may affect provisional tax estimates (press release)
- Budget information in next month’s TIB
Standard practice statements
- Temporary shortfall – permanent reversal (INV-230)
- Binding rulings Domestic air travel – zero-rating for GST purposes (BR Pub 98/3)
- AMP Society’s demutualisation – issue of shares does not constitute a claim (BR Prd 97/78)
- AMP Society’s demutualisation – extinguishment of former rights does not constitute a gift (BR Prd 97/84)
- AMP Society’s demutualisation – issue of shares does not constitute a dividend (BR Prd 97/85)
- Non-binding tax statement to AMP policyholders
- Notice of Product Ruling BR Prd 98/11
- Interpretation statements GST and debt factoring
Questions we’ve been asked
- Income Tax Act 1994 Vehicle registration plates bought as an investment – income tax implications
- Endowment policy taken out to repay a business loan
- Stamp and Cheque Duties Act 1971: Approved issuer levy – Commissioner’s policy on late payments
Legal decisions - case notes
- Tax avoidance – trading company shares sold to holding company at inflated price: TRA 90/207, 94/154, 93/59, 94/152, 93/58, 94/155, 93/62, 94/153
- Planning and legal costs – whether capital or revenue: TRA 96/081
- Power company: non-deductibility of laying underground cables, assessability of electricity supplied but not yet metered or invoiced: Hawkes Bay Power Distribution Ltd v CIR
See also the appendix - Vol 10 No 5A