Income Tax and Goods and Services Tax – Treatment of bloodstock breeding
This question we’ve been asked clarifies the Commissioner’s view on certain aspects of the income tax and GST treatment for persons who own bloodstock for the purposes of carrying on a bloodstock breeding business.
Goods and Services Tax Act 1985: sections 6 and 20(3C)
Income Tax Act 2007: sections CH 1(3), CW 60, DB 49(3), DW 2, EC 39 to EC 48, HG 1 and HG 2
Calkin v CIR (1984) 6 NZTC 61,781 (CA)
Case K40 (1988) 10 NZTC 343
Case X28 90 ATC 276
Drummond v CIR (2013) 26 NZTC 21-023; [2013] NZHC 1,768
Grieve v CIR (1984) 6 NZTC 61,682
MR & SL Block v FCT (2007) ATC 2,735