TIB - May 2024
New legislation
- Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024
Determinations
- DET 24/01: Amortisation rates for listed horticultural plants
- FDR 2024/01: A type of attributing interest in a foreign investment fund for which a person may not use the fair dividend rate method (Wellington Management Funds (Ireland) PLC - Wellington Global Impact Bond Fund NZD Class)
- DEP111: Tax Depreciation Rate for horticulture LED grow light systems
- CFC 2024/01: Non-attributing active insurance CFC status Tower Limited
- CFC 2024/02: Non-attributing active insurance CFC status Tower Limited
- CFC 2024/03: Non-attributing active insurance CFC status Tower Limited
- CFC 2024/04: Non-attributing active insurance CFC status Tower Limited
- CFC 2024/05: Non-attributing active insurance CFC status Tower Limited
- CFC 2024/06: Non-attributing active insurance CFC status Tower Limited
Interpretation statements
- IS 24/02: GST – Grouping for companies
- IS 24/03: GST – Who can group register?
Case summary
- CSUM 24/02: Taxpayer challenge to timeliness of Commissioner’s Statement of Position (CSOP) dismissed by TRA
Technical decision summary
- TDS 24/04: Receipt of a one-off payment
- TDS 24/05: Sale of bare land when intended for a subdivision
Corrections
On page 17, the references should be corrected to the following:
Sections BF 1(bb), BH 1(4C), DB 1(1)(b), HP 1–HP 4, LJ 3, OB 7BB, OP 11BA, YA 1 and schedule 25B of the Income Tax Act 2007
On page 19, replace "HP 1(4)" with "HP 1(3)" and replace "Sections HP 3 and HP 5 provide" with "Section HP 3 provides"
On page 39, the references should be corrected to:
Sections 78G–78J, 79, 80, 89C, 91C(1)(ed), 92BA, 94A, 94BB, 94BC, 94BCB, 139A, 139AAB, 139ABB, 141B, 142 and 226G of the Tax Administration Act 1994
On page 53, replace "HC 38(1B)(c)" with "HC 38(2)(c)"
On page 77, replace "CD 3B" with "CD 34B"
On page 89, replace "YA 1(1)" with "YA 1"
On page 244, in CSUM 24/02, under subhead “Decision” para 2, where it says:
“The Authority rejected evidence by the Disputant’s expert witness that the designated information system (for the purposes of s 214 CCLA; incorporated into the TAA by s 145F(7) was confined to the tax agent’s nominated email address’s mailbox. The Authority considered this was a legal issue for the Authority to determine (at [21] to [22]).”
s 145F(7) is replaced by s 14F(7)