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