Vol 13 No 10
Issued
01 Oct 2001

TIB - October 2001

Legislation and determinations

  • Trough covers (polyethylene): Provisional Depreciation Determination PROV 8
  • Foreign currency amounts – conversion to New Zealand currency

New legislation

  • Use-of-money interest rates decrease

Legal decisions – case notes

  • Tax avoidance arrangements – application to delay litigation pending disputes resolution procedure: CC Alpe, Eliminator Systems Ltd, Transit Accessories Ltd, Fryco Engineering Ltd, CA Mold, and Lingar Orchids Ltd v CIR

Corrections

Correction to article

In TIB Vol 13, No 10 (October 2001), there was an item with exchange rates acceptable to Inland Revenue for converting foreign currency amounts to New Zealand currency under the CFC and FIF rules for the 6 months ending 30 September 2001.

The tables contained errors in the mid-month and 12-month cumulative tables for some countries. The correct rates are: 

United Kingdom
The mid-month rate for 15 August should read 0.3011
The 12-month rate for 15 August should be 0.2908
The 12-month rate for 17 September should read 0.2900

Australia
The mid-month rate for 15 August should be 0.8234.
The 12-month rate for 15 August should be 0.7941
The 12-month rate for 17 September should be 0.7990

Germany
The mid-month rate for 15 August should be 0.9325
The 12 month rate for 15 August should be 0.9221
The 12 month rate for 17 September should be 0.9181

We apologise for any inconvenience caused by these errors.