TIB - April 2007

Binding rulings

• Public ruling – BR PUB 07/01
• Public ruling – BR PUB 07/02

Legislation and determinations

• 2007 International tax disclosure exemption ITR18
• Determination PROV17: Tax depreciation rates provisional determination number 17

Standard practice statements

• SPS 07/02 Notification of a pending audit or investigation

Question we've been asked

• QB 07/01 Zero-rating of supplies of sail-away boats – use as security or offered for sale

Legal decisions – case notes

• Commissioner’s decision to refuse a late NOPA review: Diana Balich v Commissioner of Inland Revenue
• Waiver in terms of Section 24(6)(B) of the GST Act: Decision number 4/2007
• Application for leave to commence proceedings after expiry of response period dismissed: Decision number 5/2007

New legislation

• Taxation (Savings Investment and Miscellaneous Provisions) Act 2006
• Taxation (Annual Rates of Income Tax 2006–07) Act 2006
• New tax rules for offshore portfolio investment in shares
• Tax rules for portfolio investment entities
• New rules for the tax treatment of expenditure on geothermal wells
• Australian superannuation fund exemption
• New rules for selecting SSCWT rates
• Allowing documents to be removed for inspection

Other policy matters

• Exemption for allowances paid to military and police personnel serving in operational areas
• New rules for spreading income on the sale of patents
• Organisations approved for charitable donee status
• Consolidated groups and foreign losses
• Assessments by the Commissioner
• GST and financial services
• Confirmation of annual income tax rates for 2006–07
• GST on fringe benefits
• GST grouping rules

Remedial issues

• Taxation of business environmental expenditure
• Family assistance provisions
• Rewrite amendments
• Tax depreciation treatment of patents
• Fringe benefit tax
• Depreciation formula – apportionment of business and private use
• Economic rate of depreciation for certain aircraft and motor vehicles
• Calculating depreciation rates for assets with high residual values
• Election to depreciate plant and equipment at old rates
• Temporary exemption for transitional residents
• Death and asset transfers
• New GST due date for March taxable periods
• Limit on refunds and allocations of tax
• The imputation system and companies treated as not being resident under a double tax agreement
• Reverse takeovers
• Changes in GST taxable periods
• Miscellaneous technical amendments

Orders in Council

• Student loan scheme – interest rates for 2007–08
• Student loan scheme – volunteer exemption

Matters of interest

• GST and bloodstock destined for export