TIB - June/July 2005

Binding rulings

• Public rulings – BR PUB 05/02 – 05/10
• Commentary on Public Rulings BR PUB 05/02 – 05/10
• Public ruling – BR PUB 05/11
• Commentary on Public Ruling BR PUB 05/11

Legislation and determinations

• National average market value of specified livestock determination 2005
• National standard costs for specified livestock determination 2005

New legislation

• Deemed rate of return for foreign investment fund interests
• FBT rate for low-interest, employment-related loans
• Patriotic and Canteen Funds Amendment Act 2005 – resulting tax amendment

Standard practice statements

• Income Tax Act 2004 – Penalties and interest arising from unintended legislative changes – SPS 05/02

Legal decisions – case notes

• Application for conditional leave to appeal to the Privy Council dismissed with costs: CIR v Motorcorp Holdings Ltd & Ors
• Declaratory judgment on deemed value payments by fishers: Pacific Trawling Ltd & Forty South Ltd v the Chief Executive of the Ministry of Fisheries and the CIR
• Commissioner properly exercised discretion not to grant financial relief: William Murray McLean v CIR (Judicial Review)
• Taxpayer seeks nullification of a company amalgamation: Selectrix Management Limited v the Registrar of Companies and the CIR