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Vol 35 No 5
30 May 2023

TIB June 2023

New legislation

  • SL2023/0048 – Order in Council – Tax Administration (Extension of Due Dates) Order 2023

Operational statements

  • OS 23/01: When employee allowances for additional transport costs for home to work travel are exempt from income tax
  • OS 19/04 (KM 2023) Kilometre rates for the business use of vehicles for the 2023 income year

Legislation and determinations

  • 2023 Consumer Price Index adjustment to standard-cost amounts for household services (childcare, boarding services or short-stay accommodation)
  • 2023 Adjustment to the Square Metre Rate amount

Interpretation statements

  • IS 23/02: Income tax – Application of the s CZ 39 5 year bright-line test to certain family and close relationship transactions
  • IS 23/03: GST – Section 58: Specified agents of incapacitated persons, and mortgagees in possession

Question we’ve been asked

  • QB 23/05: Provisional tax – impact on salary or wage earners who receive a one-off amount of income without tax deducted

Technical decision summaries

  • TDS 23/04: Losses carried forward and debt remission income 
  • TDS 23/05: In-specie distribution of assets upon winding-up of a unit trust
  • TDS 23/06: Deductibility of payment to settle legal proceedings
  • TDS 23/07: Whether expenditure to resolve weathertightness issues is deductible