TIB - April 1999

Legislation and determinations

• Foreign currency amounts – conversion to NZ currency
• 1999 international tax disclosure exemption ITR10
• Local authority trading enterprise definition
• Fabric samples and fabric display stock – depreciation
• Plastic growing trays – depreciation
• FBT prescribed rate of interest for quarter starting 1 January 1999 (6.5%)

General interest items

• Nursery plants – trading stock

Questions we’ve been asked

• Temporary shortfall: definition of later return period

Legal decisions – case notes

• Insurance company’s share profits: revenue or capital
• Timber cost: establishing deductible amount
• Loans acquired on business takeover: whether capital or revenue