TIB - October 2019
Taxation (Research and Development Tax Credits) Act 2019
BR Pub 19/04: Income tax – application of the employee share scheme rules to employer issued crypto-assets provided to an employee
Questions we’ve been asked
- QB 19/12: What is the fringe benefit tax, GST and income tax treatment of an employee contribution to a fringe benefit?
- QB 19/13: Income tax – when does the business premises exclusion to the bright-line test apply?
- QB 19/14: Income tax – when does the business premises exclusion in s CB 19 apply to preclude land sales from being taxed under ss CB 6 to CB 11?
- OS 19/04a: Commissioner’s statement on using a kilometre rate for business running of a motor vehicle – deductions
- OS 19/04b: Commissioner’s statement on using a kilometre rate for employee reimbursement of a motor vehicle
Legislation and determinations
General Determination DEP104: Tax Depreciation Rate for lay-flat hoses
Legal decisions – case notes
- Taxation Review Authority considers whether the repayment of a loan can generate an input tax deduction
- Court of Appeal confirms deductions for bad debts not available as operating a “Benevolence on the Conscience Loan Fund” not a money lending business
- Unsuccessful strike-out application to Commissioner of Inland Revenue’s Property Law Act 2007 claim
- Taxation Review Authority considers ‘taxable activity’ and entitlement to input tax deductions
CorrectionsTaxation (Research and Development Tax Credits) Act 2019: the rationale provided for the exclusion applying to above market value good and services (Schedule 21B Part B Clause 17) at the bottom of page 28 has been clarified.
It should read:
"This provision is intended to apply broadly, so applies to transactions with associates and third parties. The amount paid which exceeds the market value is not eligible expenditure".