Vol 13 No 4
Issued
01 Apr 2001

TIB - April 2001

Binding rulings

  • Public Ruling – BR Pub 01/01: GST – when the supply of leasehold land is an exempt supply 
  • Public Ruling – BR Pub 01/02: “Transitional capital amount” – definition

New legislation

  • Student loan scheme – interest rates and interest write-off threshold for 2001–2002

Legislation and determinations

  • 2001 International Tax Disclosure Exemption ITR12
  • Foreign currency amounts – conversion to NZ currency

Standard Practice Statements

  • Standard Practice Statement IR-SPS GNL-120: Non-standard balance dates for managed funds and “as agent” returns
  • Standard Practice Statement RDC 6.1: Arrangements for payment of tax debt

Legal decisions – case notes

  • Tax avoidance scheme – unsuccessful appeal against Commissioner’s assessments: O’Neil v CIR

Corrections

Foreign currency amounts - conversion to New Zealand currency

In TIB Vol 13, No 4 (April 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 12 months ending March 2001.

The internet version of the TIB showed the correct conversion rates. However the paper copy contained an error in both the mid-month and end-of-month rates for 23 countries. In each case the numeral to the far right of the decimal point had been rounded down by a value of one as a result of a software conversion problem.

The corrected tables are republished in this month’s TIB.