TIB - February 2020

Legislation and determinations

• Determination FDR 2019/01 - Use of fair dividend rate method for a type of attributing interest in a foreign investment fund (ISAM Systematic Trend – Class Q shares)
• Determination FDR 2019/02 – Use of fair dividend rate method for a type of attributing interest in a foreign investment fund (Russell Investments Multi Strategy Volatility Fund)
• EE001: Employee use of telecommunications tools and usage plans in their employment
• Determination CFC 2019/05: Non-attributing active insurance CFC status (TOWER Insurance Limited)
• Determination CFC 2019/04: Non-attributing active insurance CFC status (TOWER Insurance Limited)
• Determination CFC 2019/03: Non-attributing active insurance CFC status (TOWER Insurance Limited)
• Determination CFC 2019/02: Non-attributing active insurance CFC status (TOWER Insurance Limited)
• Determination CFC 2019/01: Non-attributing active insurance CFC status (TOWER Insurance Limited)

Public rulings

• BR Pub 19/05: Income tax – treatment of alteration to rights attached to shares under section CB 4
• BR Pub 19/06: Income tax – treatment of a disposal of shares with altered rights under section CB 4

Interpretation statement

IS 19/04 - Income tax - distributions from foreign trusts

Questions we’ve been asked

• QB 19/15: If property held in a trust is rented out by a beneficiary of the trust for short-stay accommodation, who should declare the income, and what deductions can be claimed?
• QB 19/16: If property held in a trust is rented out by the trustees for short-stay accommodation, who should declare the income, and what deductions can be claimed?

Standard practice statement

SPS 19/05 – options for relief from child support debt

Operational statement

OS 19/05: Employer-provided travel from home to a distant workplace – income tax (PAYE) and fringe benefit tax

Legal decisions – case notes

• High Court upholds TRA decision regarding Income Tax, GST and PAYE assessments and TAA ss 108 and 108A time bar
• Commissioner successful in donations GST case
• Court of Appeal dismisses appeal of application for judicial review of child support assessment