Vol 21 No 8
Issued
01 Nov 2009

TIB - October/November 2009

Binding rulings

  • BR Prd 09/08: Newmont Mining NZ Companies (Consolidated Group)
  • BR Prd 09/09: Air New Zealand Limited

Legislation and determinations

  • FDR 2009/03: A type of attributing interest in a foreign investment fund for which a person may not use the fair dividend rate method (PIMCO Funds: Global Investors Series plc Global Bond Fund)
  • FDR 2009/5: Use of fair dividend rate method for a type of attributing interest in a foreign investment fund that is a derivative income trust
  • Cancellation of Determination G30: Debt securities, finance leases and hire purchase agreements denominated in New Zealand dollars
  • Foreign currency amounts – conversion to New Zealand dollars

Legal decisions – case notes

  • Commissioner entitled to discovery
  • Application of High Court orders stayed by Court of Appeal
  • Legal expenses non-deductible
  • Court of Appeal says Privacy Council decision in relation to bank cheques and drafts binding
  • Avoidance arrangement and Commissioner’s reconstruction confirmed
  • Judicial Review action against Commissioner struck out because disputes process not followed
  • Reparation and section 109 of the Tax Administration Act 1994
  • No right of appeal from Taxation Review Authority’s interlocutory decisions
  • Challenge to jurisdiction of Taxation Review Authority fails
  • Entitlement to deregister from GST and decision on whether or not a sale was planned results in partial win for the Commissioner

Part II: New legislation

  • Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009