TIB - September 1995

Binding rulings

• GST: Secondhand goods input tax deduction for forestry rights
• Companies claiming an income tax deduction for gifts of money
• United Airlines employee share purchase scheme (Gazette notification)

Policy statements

• Retraining payments made on employment termination - assessability
• Difference between a taxable activity (GST) and a business activity (income tax)
• Additional tax - remission when taxpayer makes an incorrect interpretation
• Employer premium rate - partnership earnings other than as an employee
• Zero-rating goods and services for GST - where to enquire
• GST registration - effective date when applicant requests backdated voluntary registration
• Conveyances involving intermediaries - conveyance duty

Legislation and determinations

• Golfing equipment - depreciation
• CCH electronic publications - depreciation
• FBT - prescribed interest rate lowered to 10.6%
• Wool combing machinery - depreciation

Questions we’ve been asked

• Income Tax Act 1994
• Goods and Services Tax Act 1985 
• Student Loan Scheme Act 1992 

Legal decisions - case notes

• Budget Rent A Car v CIR: Bad debts - deductibility
• TRA 93/235: Share write-off - loss deductible
• Norfolk Apartments Limited v CIR: Retirement village development - GST input credits not claimable
• Hutchinson Brothers Limited v CIR: Reopening assessments - limitation periods
• Golden Bay Cement Company Limited v CIR: Judicial review - issuing an amended tax assessment
• Alexander & Alexander Pension Plan v CIR: When transactions by superannuation schemes Pension Plan v CIR constitute “dealing in shares”