TIB - March 2004

Binding rulings

• Supplies paid for in foreign currency: GST treatment
• Public ruling: BR PUB 04/01
• Commentary on Public ruling BR PUB 04/01
• Product ruling: BR PRD 04/01

New legislation

• Fringe benefit tax: prescribed rate of interest on low-interest, employment-related loans
• Student loan scheme: repayment and interest write-off threshhold & interest rates for 2004ñ05
• Taxation (Disaster Relief) Act 2004

Legal decisions - case notes

• Novel reason for finding CFRT is charitable after all: (Latimer & Ors for the) Crown Forest Rental Trust v CIR
• Application for discovery refused: TRA decision 008/04
• Child support judicial review unsuccessful: Sonny Shaw v CIR
• Transfer allocation allowed: Deepsea Seafoods (No. 1) Ltd & Ors v CIR
• Are natural persons taxable: D Kneighly v CIR (Appeal)

Standard Practice Statements

• Promoter penalties IR-SPS INV 290