TIB - December 2011

Legislation and determinations

• Determination DEP79: Remedial matters relating to the depreciation of buildings
• Depreciation determination DEP80: Residential rental property chattels
• Foreign currency amounts – conversion to New Zealand dollars

New legislation

• Orders in Council
  • Family tax credit raised for under 16s
  • Minimum family tax credit raised
  • Canterbury earthquake – information sharing
  • Canterbury earthquake – remission of use-of-money interest
  • Student Loan Scheme – volunteer exemption

Questions we’ve been asked

• QB 11/03: Income tax – look-through companies and interest deductibility

Legal decisions – case notes

• Commissioner’s decision to decline instalment arrangement upheld
• Calderbank offer and costs
• Voting interest requires registered shareholding
• Whether sale of property was of tenanted property or shares
• No deemed acceptance of a late NOPA