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Vol 17 No 5
01 Jul 2005

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