Vol 26 No 7
Issued
01 Aug 2014

TIB - August 2014

Interpretation statements: IS 14/04: Income tax – deductibility of company administration costs

Legislation and determinations

  • Determination CFC 2014/03: Non-attributing active insurance CFC status (TOWER Insurance Limited)
  • Determination CFC 2014/04: Non-attributing active insurance CFC status (TOWER Insurance Limited)
  • Determination CFC 2014/05: Non-attributing active insurance CFC status (TOWER Insurance Limited)
  • Determination CFC 2014/06: Non-attributing active insurance CFC status (TOWER Insurance Limited)

New legislation

  • Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014
  • Orders in Council
    • Forests (Payment of Money) Order 2014
    • FIF deemed rate of return set for 2013–14 income year

Questions we’ve been asked: QB 14/06: GST – Hire firm security bonds

Binding rulings: Product Ruling BR Prd 14/05: ProCare Health Limited

Legal decisions – case notes

  • Commissioner awarded discovery orders
  • Employee entitlement fund and tax avoidance
  • Statement of position declared invalid
  • Leave to continue challenge
  • Sovereign Assurance refused leave to appeal to the Supreme Court
  • Summary judgment for $367 million
  • Registration appeal and tax challenge proceedings consolidated
  • Application for leave to appeal decision to the Supreme Court dismissed
  • GST implications on the supply of equipment
  • The Crown’s legal professional privilege