TIB - May 1998

Legislation and determinations

Standard practice statements

Temporary shortfall – permanent reversal (INV-230)
Binding rulings Domestic air travel – zero-rating for GST purposes (BR Pub 98/3)
AMP Society’s demutualisation – issue of shares does not constitute a claim (BR Prd 97/78)
AMP Society’s demutualisation – extinguishment of former rights does not constitute a gift (BR Prd 97/84)
AMP Society’s demutualisation – issue of shares does not constitute a dividend (BR Prd 97/85)
Non-binding tax statement to AMP policyholders
Notice of Product Ruling BR Prd 98/11
Interpretation statements GST and debt factoring

Questions we’ve been asked

Income Tax Act 1994 Vehicle registration plates bought as an investment – income tax implications
Endowment policy taken out to repay a business loan
Stamp and Cheque Duties Act 1971: Approved issuer levy – Commissioner’s policy on late payments

Legal decisions - case notes

Tax avoidance – trading company shares sold to holding company at inflated price: TRA 90/207, 94/154, 93/59, 94/152, 93/58, 94/155, 93/62, 94/153
Planning and legal costs – whether capital or revenue: TRA 96/081
Power company: non-deductibility of laying underground cables, assessability of electricity supplied but not yet metered or invoiced: Hawkes Bay Power Distribution Ltd v CIR