Vol 13 No 9
Issued
01 Sep 2001

TIB - September 2001

Binding rulings

  • Note regarding Public Rulings BR Prd 01/20, 4 01/21, 01/26, 01/27
  • Product Ruling - BR Prd 01/20
  • Product Ruling - BR Prd 01/21
  • Product Ruling - BR Prd 01/26
  • Product Ruling - BR Prd 01/27
  • Product Ruling - BR Prd 01/17
  • Product Ruling - BR Prd 01/18
  • Product Ruling - BR Prd 01/19
  • Product Ruling - BR Prd 01/22
  • Product Ruling - BR Prd 01/23
  • Product Ruling - BR Prd 01/24
  • Product Ruling - BR Prd 01/25
  • Public Ruling – BR Pub 01/08: Forestry rights – secondhand goods GST input tax deduction

New legislation

  • Fringe Benefit Tax – Prescribed rate of interest on low-interest, employment-related loans

Questions we’ve been asked

  • Shortfall penalties in respect of agreed adjustments

Standard Practice Statements

  • Release of Information – IR-SPS GNL 170

Legal decisions – case notes

  • Whether trust’s purposes were charitable: (Latimer & Ors for the) Crown Forestry Rental Trust v CIR
  • Sale of Business Packages – whether disputants entitled to GST input credit on secondhand goods; whether Commissioner estopped from reassessment: TRA Number 003/00, 016/00 and 017/00. Decision Number 007/01
  • Whether Commissioner’s reassessment of GST return was procedurally valid: PLM Software Limited v CIR
  • Whether there was sale of a going concern for the purposes of the Goods and Services Tax Act; whether Commissioner entitled to an extension of time for filing appeal: CIR v Fatac Limited (in Liquidation)

Corrections

Product ruling BR Prd  01/17 - correction

Two errors in statutory nomenclature have been identified in BR Prd 01/17. These errors are classified as “minor errors” under section 91 GI of the Tax Administration Act 1994. The Commissioner is therefore not required to withdraw the ruling and issue a replacement ruling. The original ruling has been corrected.

In the sixth bullet point of “How the Taxation Laws Apply to the Arrangement”, the words “assessable income” should be read as a reference to “gross income”.

The paragraph, as corrected, reads:

  • Any distribution of category B income to category B unitholders is included within the definition of “beneficiary income” as defined in section OB 1, and is included in the gross income of the unitholder under section HH 3(1).

In the eighth bullet point of “How the Taxation Laws Apply to the Arrangement”, the words “ not assessable” should be read as a reference to “not gross income”.

The paragraph, as corrected, reads:

The amount paid to category B unitholders on the redemption of units is not gross income to the unitholders under section HH 3(5), to the extent that it does not include any “beneficiary income”.