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Vol 21 No 2
01 Apr 2009

TIB - April 2009

Binding rulings

  • Subsidised transport provided by employers to employees – value for fringe benefit tax purposes
  • Product ruling – BR PRD 09/01

New legislation

  • Orders in Council
    • Student loan scheme – interest rate for 2009–10
    • Student loan scheme – volunteer exemption
    • Use-of-money interest methodology and rate changes
    • Drop in FBT rate for low-interest loans

Legislation and determinations

  • 2009 International tax disclosure exemption ITR20
  • Determination E12: Persons excused from complying with section EA 3 of the Income Tax Act 2007

Standard practice statements

  • SPS 09/01: Compulsory deductions from bank accounts

Questions we’ve been asked

  • QB 09/01: Payments made in addition to financial redress under Treaty of Waitangi settlements – income tax treatment

Legal decisions—case notes

  • The Commissioner is correct not to exercise statutory discretion: TRA 017/08 Decision 5/2009
  • Structured finance taxpayer’s appeal dismissed: Westpac Banking Corporation v Commissioner of Inland Revenue
  • Time of assessment by Commissioner not seen as justification to uphold judicial review: Amaltal Fishing Company Limited v Commissioner of Inland Revenue
  • Taxation Review Authority held relocation drivers are independent contractors and not employees: TRA Decision 4/2009