TIB - April 2008
Legislation and determinations
- Fair dividend rate method determinations
- Determination FDR 2008/03
- Determination FDR 2008/04
- Determination FDR 2008/05
- Determination FDR 2008/06
- Determination DEP66: Tax depreciation rates general determination number 66
New legislation
- KiwiSaver: The new KiwiSaver legislation
- Research & development: Research and development tax credits
- Compliance and penalties
- Compliance and penalty rules
- The definition of “tax agent”
- Late filing penalty
- Late filing penalties for GST returns
- Late payment penalty notification
- Associated persons
- Tax advisors and the shortfall penalty for not taking reasonable care
- Refining the scope of the unacceptable tax position shortfall penalty
- Abusive tax position shortfall penalty threshold
- Late payment of employer monthly schedule amounts
- Penalty reductions for voluntary disclosures
- Temporary shortfalls
- Due date for payment of tax
- Tax compliance initiatives – limited amnesties
Other policy matters
- Company tax rate reductions – consequential and transitional amendments
- Changes to the taxation of leases
- Implementing the fair dividend rate and certain equity capital gains exclusions in life insurance
- The adoption of International Financial Reporting Standards for taxation purposes
- Greater tax incentives for charitable donations
- Tax relief for redundancy payments
- Tax exemption for Tokelau and Niue international trust funds
- Confirmation of Annual Income Tax Rates for 2007–08
- Organisations approved for charitable donee status
- Accelerated write-down rates for shuttle stallions
- ACC – withholding tax on personal service rehabilitation payments
- Technical amendments to branch equivalent tax account rules
- Commissioner’s acceptance of a taxpayer’s notice of proposed adjustment
- GST and exported goods
- GST and consumable stores supplied to departing aircraft and commercial ships
- GST – shared tax invoices
- Information sharing between Inland Revenue and Customs
- Tax exemption for hospitals operating as charities
- Taxation Review Authority – costs and fees
- Retirement scheme contribution tax
Remedial amendments
- Technical amendments to the offshore portfolio share investment rules
- Technical amendments to the portfolio investment entity rules
- Aligning GST and provisional tax payments
- Working for families tax credits provisions
- Large budget screen production grants
- Venture capital exemption
- Qualifying company election tax
- Miscellaneous technical amendments
Legal decisions – case notes
- Physical receipt of income not necessary to be affected by a tax avoidance arrangement:TRA decision number 04/08
- Commissioner entitled to recover interest and outstanding taxes: The Commissioner of Inland Revenue v Ron West Motors (Otahuhu) Limited
- Orders for discovery: TRA decision number 03/08
- Judicial review: Gary James Christieson v The Commissioner of Inland Revenue