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Vol 24 No 6
01 Jul 2012

TIB - July 2012

Binding rulings

  • Product ruling BR Prd 12/02

New legislation

  • Taxation (International Investment and Remedial Matters) Act 2012
  • Budget 2012

Items of interest

  • Movement of assessment function from the Adjudication Unit to the Service Delivery Group

Questions we’ve been asked

  • QB 12/07: Goods and services tax – treatment of transitional services supplied as part of the sale of a business (that includes the supply of land)
  • QB 12/08: Income tax – look-through companies: interest deductibility on funds borrowed to repay shareholder current accounts
  • QB 12/09: Income tax – look-through companies: interest deductibility where funds are borrowed to make a payment to shareholders to reflect an asset revaluation

Legal decisions – case notes

  • Abuse of process
  • Court of Appeal confirms Commissioner’s broad powers of reconstruction
  • Supreme Court considers the application of sections 52(1) and (2) of the Goods  and Services Tax Act 1985