TIB - November 2005

Interpretation statements

• Shortfall penalty for not taking reasonable care
• Shortfall penalty – unacceptable interpretation and unacceptable tax position

Legislation and determinations

• Foreign currency amounts – conversion to New Zealand currency

New legislation

• Withholding tax changes for fruit picking contractors
• Correction – Excess imputation credits

Legal decisions – case notes

• High Court dismisses judicial review application: Rogerson v CIR
• Taxpayer challenges Commissioner's power to enforce a guarantee: Michael john Peterson v CIR (Judicial Review)
• Group loss offset rules unavailable to lost attributing qualifying company (LAQC): TRA No 0006/04, Decision No 015/2005
• No tenable cause of action: TRA No 147/04, Decision No 13/2005
• Notice of defence struck out: TRA No 09/012, Decision No 012/2005
• Transaction held to involve tax avoidance under Goods and Services Tax Act: Glenharrow Holdings Limited v CIR
• Taxpayer must issue NOPA to “default” assessment: Donald Eugene Allen v CIR
• CIR not able to add new ground to appeal: CIR v Zentrum Holdings Ltd and Ngahemi Properties Ltd, as the Zentrum Holdings Group

Standard practice statements

• Remission of penalties and interest – SPS 05/10