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