TIB - October 2011

Revenue alert

• RA 11/02

Binding rulings

• Product ruling BR Prd 11/02: PMP Distribution Limited
• Product ruling BR Prd 11/03: Bank of New Zealand
• Product ruling BR Prd 11/04: Kiwibank Limited

New legislation

• Taxation (Tax Administration and Remedial Matters) Act 2011

Legislation and determinations

• Determination DEP78: Tax depreciation rates

Legal decisions – case notes

• Supreme Court finds income diversion to be avoidance
• Access operations judicial review
• Judicial review of tax credit claim disallowed
• Approved issuer levy structure found to be tax avoidance
• Commissioner’s strike-out application partially successful
• Court of Appeal finds in favour of the Commissioner with regard to application of casting votes at a watershed meeting
• GST deregistration issue to be heard by the Supreme Court