TIB - February 2024

New legislation

• Public Act 2023 No 70 – Taxation Principles Reporting Act Repeal Act 2023
• SL2023/288 – Order in Council – Income Tax (Tax Credit) Order 2023

Rulings

• BR Prd 23/02: Waka Kotahi NZ Transport Agency
• BR Prd 23/03: Everlasting Nominees Limited
• BR Prd 23/04: Everlasting Nominees Limited
• BR Prd 23/05: Everlasting Nominees Limited
• BR Prd 23/06: WorkRide Limited

Interpretation statement

• IS 23/11: Income tax: Income – when gifts are assessable income

Questions we’ve been asked

• QB 23/08: Income tax – deductibility of expenditure – renting to flatmates
• QB 23/09: Income tax – Forfeited deposits from cancelled land sale agreements
• QB 23/10: Foreign investment fund (FIF) calculation methods in cases of non-compliance

Technical decision summaries

• TDS 23/14: Omitted income, shortfall penalties
• TDS 23/15: Income Tax and GST – Omitted business income and liability for shortfall penalties
• TDS 23/16: Income Tax and GST – Omitted business income and liability for shortfall penalties
• TDS 23/17: Income Tax – Omitted income and liability for shortfall penalties
• TDS 23/18: Income Tax – Omitted income and liability for shortfall penalties
• TDS 23/19: Income Tax – Omitted income and liability for shortfall penalties
• TDS 23/20: Deductibility of retention payments
• TDS 24/01: Interest free loan and dividends