TIB - September 1998

Legislation and determinations

• Stamp duty special arrangement – documents that don’t need stamping by Inland Revenue
• Hi-trim shelter trimmers – depreciation (DEP40)
• Fringe benefit tax – prescribed interest rate decreased to 10.13%
• Electricity revenue and data logging terminals – depreciation (DEP41)
• Norway/New Zealand double tax agreement amended
• Bird netting (used by winegrowers) – depreciation (DEP42)

Interpretation statements

• Amateur sports promoter exemption – application to non-residents
• General interest items Inland Revenue Technical Rulings – now limited to historical value
• Tax Education Office – end of one era; start of another

Questions we’ve been asked

• Library books and periodicals – clarification of depreciation Determination DEP32
• Prints and original paintings – depreciation

Legal decisions - case notes

• Assets acquired at no cost – GST input deduction: EZ Wilke v CIR
• Crown business taken over – deductibility of accrued staff leave liabilities: NZ Forest Research Institute v CIR, Horticulture and Food Research Institute of NZ v CIR