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Vol 15 No 10
  • Issued
    01 Oct 2003
  • TIB - October 2003

    Legal decisions - case notes

    • Fresh costs assessment made by the High Court: Brent Leroy Miller and Ors v CIR; Managed Fashions Limited and Ors v CIR
    • Strike-out decision upheld by the Court of Appeal: John George Russell and Ors v Taxation Review Authority and CIR
    • Commissioner loses output tax refund case: TRA Dec 22/03; TRA No 4/01
    • TRA 049/02 - Interim decision: TRA 049/02
    • Commissioner not required to pay GST refunds: Almond Properties Limited v CIR

    Legislation and determinations

    • Foreign currency amounts - conversion to New Zealand currency


    Correction to the foreign currency article in TIB Vol 15, No 10

    A couple of errors have been identified in the "Foreign currency amounts - conversion to New Zealand currency" article.

    In the introduction to the article (page 10) we state that:

    "The tables in this item list exchange rates acceptable to Inland Revenue for converting foreign currency amounts to New Zealand currency under the controlled foreign company (CFC) and foreign investment fund (FIF) rules for the three months ending 30 September 2003."

    This should in fact be "six months".

    Also the dates heading the columns in Table B (page 14) show 2002. Despite this, the rates in this table are the rates for 2003.