TIB - May 2011

Items of interest

• Income tax treatment of unsuccessful software development

Legislation and determinations

• Special determination S18: Issue of perpetual non-cumulative shares by NZ Co, and related transactions
• Depreciation determination DEP77: Motor vehicles rented for short-term periods of one month or less
• Foreign currency amounts – conversion to New Zealand dollars

Legal decisions – case notes

• Persistent litigant discouraged
• Commissioner’s evasion assessments upheld
• High Court finds in favour of retrospective departure orders
• Unclaimed money payable to Commissioner