TIB - June 2003

Binding rulings

• Product Ruling - BR PRD 03/12
• Public Ruling - BR PUB 99/6 Extended

Legal decisions - case notes

• Angel Capital Corporation LTD v CIR
• TRA 084/02
• NZHB Holdings v CIR
• Jarrod Peter Hester & Ors v CIR

Legislation and determinations

• Determination: Amount of a specified withholding payment (being honoraria paid to members of the Royal New Zealand Plunket Society (Inc.)) that shall be regarded as expenditure incurred in production of payment
• National average market values of specified livestock determination 2003

Standard practice statements

• Retrospective adjustments to salaries paid to shareholder-employees
• Shortfall penalties

New legislation

• NZAID grants transferred to overseas development programmes
• Fringe benefit tax-prescribed rate of interest on low-interest employment-related loans
• Deemed rate of return for foreign investment fund interests

Questions we've been asked

• General depreciation determination - fishing nets
• Company restructuring: "Demergers" and "Spin-outs" - BHP, WMC and CSR

Other items of interest

• Loss attributing qualifying companies