Vol 23 No 10
Issued
01 Dec 2011

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