TIB - October 1999

New legislation

• Taxation (Remedial Matters) Act and Taxation (Annual Rates of Income Tax 1999-2001) Act

Legislation and determinations

• Foreign currency amounts – conversion to NZ currency

Binding rulings

• New Guide to Binding Rulings
• GST – zero-rating of international students’ tuition fees – legislative change
• Notice of Extension of Public Ruling 
• Debt forgiveness in consideration of natural love and affection: Public Ruling - BR Pub 99/7
• Product Ruling – BR Prd 99/10 
• Product Ruling – BR Prd 99/11
• Product Ruling – BR Prd 99/12
• Product Ruling – BR Prd 99/16
• Product Ruling – BR Prd 99/17
• Product Ruling – BR Prd 99/18
• Product Ruling – BR Prd 99/19
• Product Ruling – BR Prd 99/20

Standard practice statements

• Section 17 Notices – INV-321
• Taxpayer amendments to tax returns – INV-500

Legal decisions - case notes 

• Whether directors employees of the company; whether certain home and entertainment expenses were deductible
• Whether the arrangement was tax avoidance in terms of section 99 of the Income Tax Act 1976

General interest items 

• Section EH 18 of the Income Tax Act 1994
• 1999 deemed rate of return announced for foreign investment fund rules
• GST – Tax Invoices: Use of the FBT rate of 24% of the original cost price to determine the fringe benefit value of a motor vehicle