Vol 16 No 5
Issued
01 Jun 2004

TIB - June 2004

Binding rulings

  • Public ruling – BR Pub 04/05
  • Commentary on public ruling BR Pub 04/05
  • Public ruling – BR Pub 04/06
  • Commentary on public ruling BR Pub 04/06

Legislation and determinations

  • National average market values of specified livestock determination 2004

Legal decisions – case notes

  • Judicial review in debt cases: MW Raynel and Inforest Training Ltd v CIR
  • Challenge to process of making assessments dismissed: Sweetline Distributors Ltd & Ors v CIR
  • Section 21 GST adjustments: CIR v Lundy Family Trust & Behemoth Corporation Ltd
  • Purported appeals struck out: TRA decision 018/04

Questions we’ve been asked

  • When does derivation occur in relation to land sales with a deferred settlement by business taxpayers who provide vendor finance?
  • Livestock valuation – election of method
  • Livestock valuation – previous years’ invalid elections

New legislation

  • Income Tax Act 2004
  • New Determinations G9C and G14B
  • Determination G9C: Financial arrangements that are denominated in a currency other than New Zealand dollars: an expected value approach
  • Determination G14B: Forward contracts for foreign exchange and commodities: an expected value approach
  • Fringe benefit tax – prescribed rate of interest on low-interest, employment-related loans