Vol 11 No 9
Issued
01 Oct 1999

TIB - October 1999

New legislation

  • Taxation (Remedial Matters) Act and Taxation (Annual Rates of Income Tax 1999-2001) Act

Legislation and determinations

  • Foreign currency amounts – conversion to NZ currency

Binding rulings

  • New Guide to Binding Rulings
  • GST – zero-rating of international students’ tuition fees – legislative change
  • Notice of Extension of Public Ruling 
  • Debt forgiveness in consideration of natural love and affection: Public Ruling - BR Pub 99/7
  • Product Ruling – BR Prd 99/10 
  • Product Ruling – BR Prd 99/11
  • Product Ruling – BR Prd 99/12
  • Product Ruling – BR Prd 99/16
  • Product Ruling – BR Prd 99/17
  • Product Ruling – BR Prd 99/18
  • Product Ruling – BR Prd 99/19
  • Product Ruling – BR Prd 99/20

Standard practice statements

  • Section 17 Notices – INV-321
  • Taxpayer amendments to tax returns – INV-500

Legal decisions - case notes 

  • Whether directors employees of the company; whether certain home and entertainment expenses were deductible
  • Whether the arrangement was tax avoidance in terms of section 99 of the Income Tax Act 1976

General interest items 

  • Section EH 18 of the Income Tax Act 1994
  • 1999 deemed rate of return announced for foreign investment fund rules
  • GST – Tax Invoices: Use of the FBT rate of 24% of the original cost price to determine the fringe benefit value of a motor vehicle