TIB - January 1996

Binding rulings

• Financial planning fees: income tax deductibility
• GST treatment of financial planning fees
• GST: importers and input tax deductions
• GST and supplies paid for in foreign currency

Legislation and determinations

• Propane gas cylinders - depreciation
• FBT - prescribed interest rate remains at 10.6%
• Student Loan scheme - interest rates and repayment threshold for 1996-97

Policy statements

• Reopening income tax assessments
• PAYE and earner premium deductions - penalties for failure to make or account for deductions
• Change to payment due date set under section 139(4), Tax Administration Act 1994
• Mining assets - deductibility/assessability

Questions we’ve been asked

• Income Tax Act 1994 
• Goods and Services Tax Act 1985 
• Child Support Act 1991 
• Tax Administration Act 1994 

Legal decisions - case notes

• TRA 95/50: Business purchase - deductibility of lease and depreciation
• DB Productions Ltd v CIR, DB Group Ltd v CIR: Film expenditure and royalty payments - deductibility
• TRA 94/159: Company in liquidation - whether former receiver and tax agent’s objection and case stated request valid
• GPO Holdings Ltd v CIR: Trading profit received upon settlement - whether assessable income
• CIR v Medical Council of NZ: Medical Council of New Zealand - whether exempt from income tax
• TRA 94/156: Land purchase - GST input tax credit claim