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