TIB - June 2000

Binding rulings

• Supplies paid for in foreign currency – GST treatment. Public ruling – BR Pub 00/04

New legislation

• Fringe benefit tax – prescribed rate of interest
• Energy Efficiency and Conservation Act 2000
• Child Support (Reciprocal Agreement  with Australia) Order 2000

Legislation and Determinations

• Boat lift storage systems – general depreciation
• Determination DEP45 National Average Market Values of Specified Livestock Determination 2000

Questions we’ve been asked

• Disputes procedures: the commencement and expiry dates of a “response period”: Section 3(1) Tax Administration Act 1994 (TAA): Definition of “response period”

Legal decisions - case notes

• Whether objectors unincorporated bodies for the purposes of GST
• Whether late payment charge on insurance premiums was interest and taxable, or additional premiums and tax exempt
• GST on fees for administrative services; Commissioner not entitled on appeal to change basis on which assessments were made; Appellate court jurisdiction confined to case stated
• Whether taxpayer’s payment of accrued staff liabilities was a capital or revenue expense