Vol 20 No 3
Issued
01 Apr 2008

TIB - April 2008

Legislation and determinations

  • Fair dividend rate method determinations
    • Determination FDR 2008/03
    • Determination FDR 2008/04
    • Determination FDR 2008/05
    • Determination FDR 2008/06
  •  Determination DEP66: Tax depreciation rates general determination number 66

New legislation

  • KiwiSaver: The new KiwiSaver legislation
  • Research & development: Research and development tax credits
  • Compliance and penalties
  • Compliance and penalty rules
  • The definition of “tax agent”
  • Late filing penalty
  • Late filing penalties for GST returns
  • Late payment penalty notification
  • Associated persons
  • Tax advisors and the shortfall penalty for not taking reasonable care
  • Refining the scope of the unacceptable tax position shortfall penalty
  • Abusive tax position shortfall penalty threshold
  • Late payment of employer monthly schedule amounts
  • Penalty reductions for voluntary disclosures
  • Temporary shortfalls
  • Due date for payment of tax
  • Tax compliance initiatives – limited amnesties

Other policy matters

  • Company tax rate reductions – consequential and transitional amendments
  • Changes to the taxation of leases
  • Implementing the fair dividend rate and certain equity capital gains exclusions in life insurance
  • The adoption of International Financial Reporting Standards for taxation purposes
  • Greater tax incentives for charitable donations
  • Tax relief for redundancy payments
  • Tax exemption for Tokelau and Niue international trust funds
  • Confirmation of Annual Income Tax Rates for 2007–08
  • Organisations approved for charitable donee status
  • Accelerated write-down rates for shuttle stallions
  • ACC – withholding tax on personal service rehabilitation payments
  • Technical amendments to branch equivalent tax account rules
  • Commissioner’s acceptance of a taxpayer’s notice of proposed adjustment
  • GST and exported goods
  • GST and consumable stores supplied to departing aircraft and commercial ships
  • GST – shared tax invoices
  • Information sharing between Inland Revenue and Customs
  • Tax exemption for hospitals operating as charities
  • Taxation Review Authority – costs and fees
  • Retirement scheme contribution tax

Remedial amendments

  • Technical amendments to the offshore portfolio share investment rules
  • Technical amendments to the portfolio investment entity rules
  • Aligning GST and provisional tax payments
  • Working for families tax credits provisions
  • Large budget screen production grants
  • Venture capital exemption
  • Qualifying company election tax
  • Miscellaneous technical amendments

Legal decisions – case notes

  • Physical receipt of income not necessary to be affected by a tax avoidance arrangement:TRA decision number 04/08
  • Commissioner entitled to recover interest and outstanding taxes: The Commissioner of Inland Revenue v Ron West Motors (Otahuhu) Limited
  • Orders for discovery: TRA decision number 03/08
  • Judicial review: Gary James Christieson v The Commissioner of Inland Revenue