TIB - December 2009

New legislation

• Student Loan Scheme (Repayment Bonus) Amendment Act 2009
• Guidance on a “reasonable daily travelling distance”
• Order in Council: Forests (Payment of Money) Order 2009

Legislation and determinations

• DET 09/04: Eligible relocation expenses

Interpretation statements

• IS 09/01: Fines and penalties – income tax deductibility

Legal decisions – case notes

• Second High Court decision confirms structured finance transactions as tax avoidance
• Backdated ACC compensation not double taxed
• Disposal deemed at market value
• Own-home LAQC was tax avoidance arrangement
• No contempt of Court by Commissioner

Standard practice statements

• SPS 09/03: Extension of time applications from taxpayers without tax agents