TIB - December 2004

Binding rulings

• Product ruling – BR PRD 04/14

New legislation

• Fringe benefit tax – prescribed rate of interest on low-interest, employment-related loans

Legal decisions – case notes

• Tax avoidance: TRA decision no 30/2004
• Unclaimed money – unpresented FX drafts are unclaimed money due to Crown: Thomas Cook (New Zealand) Limited v CIR (PC)
• Interlocutory decisions of the Taxation Review Authority cannot be appealed: M & J Wetherill Company Ltd & Ors v TRA and CIR. CA 226/03
• Amendment of a taxpayer's GST de-registration date: CIR v Jeffrey George Lopas and Lorraine Elizabeth McHerron
• Liquidators entitled to pre-liquidation input tax credits: TRA decision no 029/2004
• Membership shares GST-exempt: CIR v Gulf Harbour Development Limited (CA)

Questions we’ve been asked

• PAYE where income received fraudulently or in error