TIB - April 2010

Binding rulings

• Product ruling BR Prd 10/01

New legislation

• Order in Council: Student loan scheme – volunteer exemption

Legislation and determinations

• 2010 International tax disclosure exemption ITR21

Legal decisions – case notes

• $5 million of “loans” found to be income after all
• Allocated salary important when considering “objective test” in tax avoidance cases
• Application to commence challenge proceeding under section 138D of the Tax Administration Act 1994
• Compromise proposals fail to convince Court