TIB - May 2010

New legislation

• Student Loan Scheme (Exemptions and Miscellaneous Provisions) Amendment Act 2010

Legislation and determinations

• Automated dairy drafting systems – Depreciation determination DEP 74
• General depreciation determination DEP 73
• Foreign currency amounts – conversion to New Zealand dollars

Interpretation statement

• IS 10/01: Residential rental properties – Depreciation of items of depreciable property

Legal decisions – case notes

• Default assessments are inevitable where returns are not filed
• Claim struck out for abuse of process
• High Court functus officio
• Commissioner’s strike out application largely successful

Questions we’ve been asked

• QB 10/02: GST treatment of futures contracts