TIB - May 2022

New legislation

• LI2022/55 - Order in Council – Tax Administration (Extension of Period of Relief for Certain Disposals of Trading
  Stock) Oder 2022
• LI2022/84 - Order in Council – COVID-19 Support Payments Scheme (Omicron Outbreak) Amendment Order
  (No 2) 2022

Rulings

• BR Prd 22/02: Ovato Residential Distribution NZ Limited
• BR Prd 22/03: Ovato Residential Distribution NZ Limited
• BR Prd 22/05: Reach Media New Zealand Limited
• BR Prd 22/06: Reach Media New Zealand Limited
• BR Prd 22/07: Reach Media New Zealand Limited

Determinations

• COV 22/15: Variation in relation to s RP 17B(4) of the Income Tax Act 2007 to extend time for tax pooling transfers
• COV 22/16: Variation in relation to the definition of “finance lease” in s YA 1 of the Income Tax Act 2007
• AE 22/01: 2022 Participating jurisdictions for the CRS applied standard

Operational statement

• OS 22/02: Reporting requirements for domestic trusts

Question we’ve been asked

• QB 22/01: Can a payment that compensates for the time value of money be taxable income if it is outside the
  statutory definition of “interest”?

Legal decisions - case summaries

• CSUM 22/01 - High Court dismisses Commissioner’s application for an extension of time to issue challenge notice.
• CSUM 22/02 - High Court confirms that forfeiture of criminal proceeds is not ‘payment in lieu’ of tax.