Vol 22 No 2
Issued
01 Mar 2010

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?