TIB - March 2010

Binding rulings

• BR Prd 09/10: The Royal New Zealand College of General Practitioners
• BR Prd 09/11: The Royal New Zealand College of General Practitioners
• BR Prd 09/12: BNZ Income Securities 2 Limited

Legislation and determinations

• Determination DEP 72: Tax depreciation rates general determination number 72
• Determination PROV19: Tax depreciation rates provisional determination PROV19
• Livestock values – 2010 national standard costs for specified livestock
• Determination S15: Issue of perpetual non-cumulative shares by BNZIS 2, and related transactions

Legal decisions – case notes

• Invalid asset transfers were in reality loans
• No “public importance”; leave denied
• Non-party inspection of court records and documents
• Taxpayers refused leave to appeal to Supreme Court
• TRA finds in favour of taxpayer – no tax avoidance
• Trust in business of holding financial arrangements and allowed bad debt deduction
• High Court finds no reviewable error made by Commissioner

Questions we’ve been asked

• Are tax sparing disclosures (IR 486) still required?