TIB - June 1994

Policy statements

• New Zealand superannuitants receiving overseas government pensions
• $200 limit for writing off assets - correction
• Income tax exemption for war and forces pensions
• GST and cheque clearance fees
• Cost of trading stock - are transport costs included?
• Gift duty exemption for small gifts - application

Legislation and determinations

• Tax in dispute interest rate, and application to GST Act
• National average market values of specified livestock - 1994
• Prescription amounts owing to chemists by Health Benefits Centre
• Cancellation of International Tax Disclosure Exemption ITR5
• 1994 international tax disclosure exemption

Questions we've been asked

• Income Tax Act 1976 
• Goods and Services Tax Act 1985 
• Estate and Gift Duties Act 1968 
• Correction to earlier item 

Legal decisions - case notes

• Dow Chemicals Overseas v CIR:  Timing of assessability of “equalisation” payments  to non-resident employees
• Suzy Speed v CIR Lone Oak Farms v CIR: Whether shareholders and liquidator can proceed with an objection on behalf of dissolved company
• Shell NZ Holding Co Ltd v CIR:  Whether Customs import entry form constitutes  a GST invoice
• CIR v Canterbury Frozen Meat Co Ltd: Refusal to strike out judicial proceedings as to whether an income tax assessment was valid