TIB - August 1999

New Legislation

• Child Support Amendment Act 1999

Binding rulings

• New application forms for binding rulings
• Changes to binding rulings regulations
• Draft public ruling PU3801: Guarantee fees paid by a New Zealand company to an overseas associated company
• Public ruling – BR Pub 99/4: Land sales – whether income tax exemptions for farm land apply to non-natural persons
• Public ruling – BR Pub 99/5: Frequent flyer schemes promoted by credit card companies – fringe benefit tax liability
• Product ruling – BR Prd 99/5
• Product ruling – BR Prd 99/6
• Product ruling – BR Prd 99/7
• Product ruling – BR Prd 99/8

Legal decisions – case notes

• GST – whether input credit available on sale and subdivision of land acquired in 1984
• Deduction in respect of loss set-off – whether interest losses cancelled as a result of liquidation; whether Commissioner able to alter assessment
• Awards for costs in tax cases
• Whether objector was resident of NZ for the purposes of taxation of income

Standard Practice Statements 

• Payment of debt by compulsory deductions from bank accounts

Questions we’ve been asked 

• Tax Administration Act 1994 – specific rates of interest/additional tax for tax in dispute

Matters of interest 

• GST and Bloodstock destined for export