TIB - July 2014
Revenue alert: RA 14/01: Donations tax credit – whether payments made to a private education centre or childcare centre are gifts and the donor entitled to a donations tax credit; whether payments are liable to GST
Binding rulings
- Factual Review process
- Public rulings BR Pub 14/01–14/05: Income tax – Australian source income earned by Australian limited partnership and foreign tax credits
Interpretation statements: IS 14/03: Income tax – consumable aids
New legislation
- Budget 2014 tax legislation
- Taxation (Parental Tax Credit) Act 2014
- Parental Leave and Employment Protection Amendment Act 2014
- Cheque Duty Repeal Act 2014
- Orders in Council
- Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2014
- Privacy (Information Sharing Agreement between Inland Revenue and New Zealand Police) Order 2014
Operational statements: 2014 review of the Commissioner’s mileage rate for expenditure incurred for the business use of a motor vehicle
Questions we’ve been asked
- QB 14/04: Income tax – Depreciation roll-over relief for Canterbury
- QB 14/05: Income tax – ASC rules – calculating the “subscriptions” amount for an amalgamated company when the shares of an amalgamating company are held by another amalgamating company
Legal decisions – case notes
- Evasion shortfall penalties
- Reconstruction under the “dividend stripping” provision upheld