TIB - March 2003

New legislation

• Tax effects of the Remuneration Authority (Members of Parliament) Amendment Act 2002
• Student Loan Scheme - interest rates for 2003-04

Standard practice statements

• Clarification of standard practice statement - SPS RDC 620 - writing off tax debt reduction of net losses when writing off a debt

Legislation and determinations

• Livestock values - 2003 national standard costs for specified livestock
• Compact disc player, digital versatile disc players, video game players, and related assets

Legal decisions - case notes

• Taxpayer "person affected" by tax avoidance arrangement; CIR's assessments upheld: CIR v Peterson and Peterson v CIR
• Another case transferred from the TRA to the High Court: CIR v McIlraith
• Documents not prepared with a dominant purpose of litigation: Glenharrow Holdings v CIR
• Taxpayer's objection procedurally flawed; TRA lacks jurisdiction to determine objection: TRA 026/01 Decision 002/2003
• Fundamental variation: TRA Decision 003/2003

Other items of interest

• Statement of policy withdrawal and revised interpretation