TIB - May 2012

Binding rulings

• BR Pub 12/01 – 12/03: Deductibility of break fees paid by a landlord to exit early from, or vary the interest rate of, a fixed interest rate loan, or to exit early from a fixed interest rate loan on sale of a rental property

New legislation

• Order in Council: Use-of-money interest rates change

Legislation and determinations

• Foreign currency amounts – conversion to New Zealand dollars

Questions we’ve been asked

• QB 12/03: Income tax – deductibility of expenditure on cattle stops
• QB 12/04: Income tax – deductibility of expenditure on widening or metalling a farm access road or track
• QB 12/05: Income tax – deductibility of expenditure on stock yards
• QB 12/06: Fringe benefit tax – “availability” benefits

Legal decisions – case notes

• Claim must provide clarity as required
• Orders setting aside dispositions of property made under section 348 of the Property Law Act 2007
• Debtor-initiated payments