TIB - May 2006

Legislation and determinations

2006 International Tax Disclosure Exemption ITR17
Foreign currency amounts – conversion to New Zealand dollars

Legal decisions – case notes

Appeal filed out of time deemed abandoned: J G Russell v The Commissioner of Inland Revenue
Order for further and better discovery: Prophet Investments Limited
Disputing default assessments: Donald Eugene Allen v The Commissioner of Inland Revenue

Questions we've been asked

Effect of repeal of Income Tax Act 1994 on depreciation determinations issued before repeal
Correction – Threshold to account for GST on a payments basis

Operational Statements

Correction – GST treatment of supplies of telecommunications services

Corrections

On page 17 of Tax Information Bulletin Vol 18, No 4 (May 2006) there is an item stating that the taxable supplies threshold for accounting for GST on a payments basis is to be read as GST-exclusive. The equivalent GST-inclusive amount should, on current rates, be read as $1,462,500, not $1,625,000 as previously advised.

Vol 18 No 4: tib-vol18-no4

pdf - 362.10 KB - 21 pages

Reference

Vol 18 No 4

Issued

01 May 2006