TIB - February 2010

Binding rulings

• Public ruling BR Pub 09/08: “Cost price of the vehicle” – meaning of the term for fringe benefit tax purposes
• Public ruling BR Pub 09/09: Deductibility of break fee paid by a landlord to exit early from a fixed interest rate loan
• BR Pub 09/10: Deductibility of break fee paid by landlord to vary the interest rate of an existing fixed interest rate loan

New legislation

• Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009

Legislation and determinations

• Corrected foreign currency amounts – conversion to New Zealand dollars

Legal decisions – case notes

• Correction to summary of Supreme Court ruling on “Trinity”
• Tax on MSD benefit disallowed
• GST payable on airport development levy
• Commissioner not restrained from advertising liquidation proceedings
• GST refunds and section 46 of the Goods and Services Tax Act 1985
• Judge not disqualified from hearing application to set aside his earlier judgment

Questions we’ve been asked

• QB 10/01: Reimbursing shareholder-employees for motor vehicle expenses and the use of the Commissioner’s mileage rate