TIB - June 2014

Interpretation statements: IS 14/02: Income tax – Foreign tax credits – What is a tax of substantially the same nature as income tax imposed under s BB

Binding rulings

• Product Ruling BR Prd 14/03: Bank of New Zealand
• Product Ruling BR Prd 14/04: Scales Consolidated Tax Group

Legislation and determinations

• Special Determination S26: Valuation of shares issued by Bank following a trigger event 
• Determination DEP87: Depreciation rate for tablet computers and electronic media storage devices (including smartphones and MP3 players and similar devices)
• General Depreciation Determination DEP88: Pet grooming and cleaning equipment
• CPI Adjustment 14/01 for Determination DET 09/02: Standard-cost household service for childcare providers
• CPI Adjustment 14/02 for Determination DET 05/03: Standard-cost household service for boarding service providers
• National average market values of specified livestock determination 2014

Questions we’ve been asked

• QB 14/02: Income tax – Entry of a new partner into a partnership – effect on continuing partners
• QB 14/03: GST – Transfer of interest in a partnership

Legal decisions – case notes

• Commissioner awarded indemnity costs
• Judicial review
• Strike-out application dismissed