Tax information bulletin - June 2025
New legislation
- Public Act 2025 No 09: Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025
- SL 2025/64: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2025
- SL 2025/65: Taxation (Use of Money Interest Rates) Amendment Regulations 2025
Operational statements
- OS 25/03: Authority to Act for Tax Agents, Representatives and Nominated Persons: Access to a Client’s Inland Revenue Information
Interpretation statements
- IS 25/14: Income tax – arrangements involving tax losses carried forward under the business continuity rules
- IS 25/15: Look-through companies and disposal of residential land under the bright-line test
Questions we’ve been asked
- QB 25/07: What is the income tax treatment of gift cards and products provided as trade rebates or promotions?
- QB 25/08: When is land acquired for a purpose or with an intention of disposal so that the amount derived from the sale is income?
- QB 25/09: When do I have a “regular pattern” of transactions that prevents me from using exclusions from the land sale rules for my residence or for my main home?
- QB 25/10: On what date is a person treated as acquiring land for the purposes of the land sale rules?
- QB 25/11: When is the bright-line start date for the 2-year bright-line test?
- QB 25/12: How does the bright-line test apply to the sale of a subdivided section?
- QB 25/13: When is the sale of a lifestyle block excluded from the bright-line test?
- QB 25/14: When does the business premises exclusion to the bright-line test apply?
- QB 25/15: How do the bright-line rollover relief provisions apply to transfers of residential land between associated persons?
Case summaries
- CSUM 25/05: NZTCRA rejects argument that an interest amount paid under a relationship property agreement was deductible as an expense under the Income Tax Act 2007
- CSUM 25/06: NZTCRA finds work to convert retail space to office space in commercial building was capital in nature
- CSUM 25/07: NZTCRA finds remediation work on unit was capital in nature
Technical decision summary
- TDS 25/08: Disposal of shares following amalgamation
- TDS 25/09: Distribution and resettlement of trusts
- TDS 25/10: Source of income and foreign tax credits
- TDS 25/11: Deductions, zero-rating and shortfall penalties
- TDS 25/12: Deductions and shortfall penalties