Vol 11 No 7
Issued
01 Aug 1999

TIB - August 1999

New Legislation

  • Child Support Amendment Act 1999

Binding rulings

  • New application forms for binding rulings
  • Changes to binding rulings regulations
  • Draft public ruling PU3801: Guarantee fees paid by a New Zealand company to an overseas associated company
  • Public ruling – BR Pub 99/4: Land sales – whether income tax exemptions for farm land apply to non-natural persons
  • Public ruling – BR Pub 99/5: Frequent flyer schemes promoted by credit card companies – fringe benefit tax liability
  • Product ruling – BR Prd 99/5
  • Product ruling – BR Prd 99/6
  • Product ruling – BR Prd 99/7
  • Product ruling – BR Prd 99/8

Legal decisions – case notes

  • GST – whether input credit available on sale and subdivision of land acquired in 1984
  • Deduction in respect of loss set-off – whether interest losses cancelled as a result of liquidation; whether Commissioner able to alter assessment
  • Awards for costs in tax cases
  • Whether objector was resident of NZ for the purposes of taxation of income

Standard Practice Statements 

  • Payment of debt by compulsory deductions from bank accounts

Questions we’ve been asked 

  • Tax Administration Act 1994 – specific rates of interest/additional tax for tax in dispute

Matters of interest 

  • GST and Bloodstock destined for export