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Vol 7 No 2
01 Aug 1995

TIB - August 1995

Binding rulings

  • Associated non-profit bodies - $1,000 income tax exemption (BR Pub 95/1)
  • GST - sale of long-term residential properties (BR Pub 95/2)
  • Agreed Value Plan issued by FAI Metropolitan Life Assurance Company NZ Limited (BR Prd 95/1)

Policy statements

  • GST and subdivisions - Court of Appeal decision in the Newman case
  • Overseas travel expense claims (Replaced by QB 22/06)
  • Pensions payable to former employees
  • Recovery of tax arising after estate distributed
  • Family partnerships: Commissioner’s ability to reallocate profits and losses
  • Tokens, stamps and vouchers - GST on supply
  • Casino chips - GST on supply
  • Non-resident film renters - income tax treatment .....

Questions we’ve been asked

  • Income Tax Act 1994 
  • Goods and Services Tax Act 1985 
  • Accident Rehabilitation and Compensation Insurance Act 1992 

Legal decisions - case notes

  • Howick Parklands Ltd v CIR: Land acquired for purpose of erecting dwellinghouses - whether exempt from stamp duty
  • TRA 93/144 and 94/24: Whether sale of properties acquired for residential letting constitutes a taxable activity
  • Cooper v CIR: Partnership income and expenditure and loan remission
  • Henwood v CIR: Whether payments made for restraint of trade
  • TRA 93/215 and 94/135: Flower bulbs and tubers - whether cost deductible as revenue expenditure
  • Thornton Estates Ltd v CIR: Land subdivision development - whether accrual rules apply to costs
  • TRA 94/71: Management fees and entertainment expenses - whether capital or revenue expenditure
  • Instant Finance Corp’n (1987) Ltd v CIR: Whether taxpayer had a right of objection to notice issued under section 276
  • GS Matthews (Chemist) Ltd v CIR, Troon Place Investments Ltd v CIR: Shareholder remuneration - whether remuneration paid is excessive