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Vol 22 No 11
01 Dec 2010

TIB - December 2010

Binding rulings

  • Public rulings BR Pub 10/14–10/19: Interest deductibility – Roberts and Smith – borrowing to replace and repay amounts invested in an income earning activity or business
  • Public ruling BR Pub 10/20: Deductibility of break fee paid by a landlord to exit early from a fixed interest rate loan on sale of rental property

Interpretation statements

  • IS 10/08: Retirement villages – GST treatment

Standard practice statements

  • SPS 10/04: Disputes resolution process commenced by the Commissioner of Inland Revenue
  • SPS 10/05: Disputes resolution process commenced by a taxpayer

Legislation and determinations

  • Foreign currency amounts – conversion to New Zealand dollars

Legal decisions – case notes

  • “Income splitting” case held by the High Court not to be tax avoidance
  • Commissioner’s right to withhold refunds confirmed by Supreme Court