TIB - October 2012

Binding rulings

• Product ruling BR Prd 12/04: New Zealand Māori Arts and Crafts Institute

Legislation and determinations

• Determination CFC 2012/03: Non-attributing active insurance CFC status (TOWER Insurance Limited)
• Determination PROV24: Provisional depreciation rate for mushroom factory buildings and plant
• Special Determination S22: Application of the financial arrangements rules to a public-private partnership
• Foreign currency amounts – conversion to New Zealand dollars

New legislation

• Orders in Council
  • Student loan scheme – contact person details
  • Student loan scheme – repayment percentage
  • Student loan scheme – transitional measures for new borrowers
  • Student loan scheme – volunteer exemption

Questions we’ve been asked

• QB 12/12: Abusive tax position penalty and the anti-avoidance provision

Legal decisions – case notes

• Exercise of Court discretion to liquidate insolvent trustee company
• Consideration of the “evidence exclusion” rule
• The Supreme Court dismisses Mr Russell’s application for leave to appeal
• Costs reduced due to arithmetical error
• Conducting a taxable activity
• No taxable activity
• No taxable activity
• Section 16 – Commissioner’s powers to obtain information
• Tax avoidance – fraud on a person affected by the arrangement
• Commissioner successful in her strike-out application
• Commissioner awarded indemnity costs