TIB - July 2009

Binding rulings

• Statement on fringe benefit tax and motor vehicle multi-leases

New legislation

• Taxation (Business Tax Measures) Act 2009: Changes to help small and medium enterprises
• Taxation (Budget Tax Measures) Act 2009: Closing the KiwiSaver mortgage diversion facility; Repeal of changes to personal tax rates and independent earner tax credit for 2010–11 and 2011–12 income years

Legal decisions – case notes

• Tax advice documents to be discovered
• The creation of a trust gives rise to a gift for gift duty purposes
• Commissioner allowed to continue investigation
• Status of Farnsworth and Zentrum decisions remains unclear

Standard practice statements

• SPS 09/02: Voluntary disclosures

Rewrite Advisory Panel

• RAP 002: Process for resolving potential unintended legislative changes in the income tax act 2007

Questions we’ve been asked

• QB 09/03: Decisions on application of section CA 1(2) – common law interest and income under ordinary concepts

Items of interest

• Inland Revenue’s Public Rulings Unit