Vol 30 No 5
Issued
01 Jun 2018

TIB - June 2018

In this issue: New legislation - Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018, BR Prd 18/02, BR Prd 18/03, QB 18/08, Special Determination S58, Special Determination S59, Determination DET 09/02, Determination DET 05/03, Foreign currency amounts - conversion to New Zealand dollars (for the 12 months ending 31 March 2018), Legal decisions - case notes.

Corrections

The Increasing electronic filing item published in Tax Information Bulletin Vol 30 No 5 contained an error on page 36 in the Key features section.

The text reads:

"An investment income payer who does provide their investment income information to the Commissioner electronically is subject to a penalty of $250, due and payable 30 days after the end of the month in which the payer was required to provide the information to the Commissioner electronically".

It should read:

"An investment income payer who does not provide their investment income information to the Commissioner electronically is subject to a penalty of $250, due and payable 30 days after the end of the month in which the payer was required to provide the information to the Commissioner electronically."


The Measures to encourage provision of IRD numbers item, published in Tax Information Bulletin Vol 30 No 5, contained an error on page 34 under the heading Joint investors IRD numbers.

This section should have also included the following line:

"This does not apply to a joint investment made through an intermediary that is a company, trust or partnership. These investments should be treated as made by a single investor. A custodian may also adopt this treatment."