Vol 19 No 3
Issued
01 Apr 2007

TIB - April 2007

Binding rulings

  • Public ruling – BR PUB 07/01
  • Public ruling – BR PUB 07/02

Legislation and determinations

  • 2007 International tax disclosure exemption ITR18
  • Determination PROV17: Tax depreciation rates provisional determination number 17

Standard practice statements

  • SPS 07/02 Notification of a pending audit or investigation

Question we've been asked

  • QB 07/01 Zero-rating of supplies of sail-away boats – use as security or offered for sale

Legal decisions – case notes

  • Commissioner’s decision to refuse a late NOPA review: Diana Balich v Commissioner of Inland Revenue
  • Waiver in terms of Section 24(6)(B) of the GST Act: Decision number 4/2007
  • Application for leave to commence proceedings after expiry of response period dismissed: Decision number 5/2007

New legislation

  • Taxation (Savings Investment and Miscellaneous Provisions) Act 2006
  • Taxation (Annual Rates of Income Tax 2006–07) Act 2006
  • New tax rules for offshore portfolio investment in shares
  • Tax rules for portfolio investment entities
  • New rules for the tax treatment of expenditure on geothermal wells
  • Australian superannuation fund exemption
  • New rules for selecting SSCWT rates
  • Allowing documents to be removed for inspection

Other policy matters

  • Exemption for allowances paid to military and police personnel serving in operational areas
  • New rules for spreading income on the sale of patents
  • Organisations approved for charitable donee status
  • Consolidated groups and foreign losses
  • Assessments by the Commissioner
  • GST and financial services
  • Confirmation of annual income tax rates for 2006–07
  • GST on fringe benefits
  • GST grouping rules

Remedial issues

  • Taxation of business environmental expenditure
  • Family assistance provisions
  • Rewrite amendments
  • Tax depreciation treatment of patents
  • Fringe benefit tax
  • Depreciation formula – apportionment of business and private use
  • Economic rate of depreciation for certain aircraft and motor vehicles
  • Calculating depreciation rates for assets with high residual values
  • Election to depreciate plant and equipment at old rates
  • Temporary exemption for transitional residents
  • Death and asset transfers
  • New GST due date for March taxable periods
  • Limit on refunds and allocations of tax
  • The imputation system and companies treated as not being resident under a double tax agreement
  • Reverse takeovers
  • Changes in GST taxable periods
  • Miscellaneous technical amendments

Orders in Council

  • Student loan scheme – interest rates for 2007–08
  • Student loan scheme – volunteer exemption

Matters of interest

  • GST and bloodstock destined for export

Corrections

The following section references replace those published on pages 73 and 89

Taxation of business environmental expenditure

Sections CX 43B, EK 6, EK 12, EK 16, EK 20 and Schedule 6B of the Income Tax Act 2004 and section DJ 10 of the Income Tax Act 1994.

Share-lending rules

Sections LD 9, ME 5, NF 12, and the definition of “imputation credit” in the Income Tax Act 2004 and section 30B of the Tax Administration Act 1994.