Tax Information Bulletin: Corrections

Corrections - to TIB Vol 23, No 1 (February 2011)

The following corrections have been made to the Taxation (GST and Remedial Matters) Act 2010 commentary published in the Tax Information Bulletin Vol 23, No 1 (February 2011). Emphasis has been added to show the changes.

Page 37, Example 8, first line, the printed amount $800,000 should read $500,000.

Page 37, Example 8, under the subheading “Fourth adjustment period”, the printed percentage 86.6% should read 85.2%.

Page 39, Example 10, sixth paragraph, the printed section 21E(6) should read section 21E(7).

Page 41, third bullet point, the printed amount of $5,000 or less should read more than $5,000.

Page 48, the first paragraph at the top of this page should read as follows: LAQCs with an early balance date of, for example, 31 December 2011, choosing not to transition but to use the QC rules will have loss attribution for their income year ended 31 December 2011 but will no longer be able to attribute losses for their income year starting on 1 January 2012.

Page 85, the first bullet point in Example 2 should read: “It may treat the payments as income. If this is the case, section CX 47 will apply and treat the amount as exempt income …”.

These errors will be corrected in the electronic copy of the TIB.

Other pages in: Corrections

• Correction - to TIB Vol 24, No 3 (April 2012)
• Correction - to TIB Vol 23, No 9 (November 2011)
• Correction - to TIB Vol 23, No 3 (April 2011)
• Summary of Supreme Court Ruling on "Trinity"
• Incorrect currency rates - October 2009
• Correction - incorrect figure in the National Average Market Values of Specified Livestock Determination, 2008
• Interim judgment printed in error
• Incorrect currency rates
• NZIT investments not exempt
• Correction
• Correction - SPS 07/05 - Transfer of depreciable property between associated persons - section EE 33 of the Income Tax Act 2004
• Correction - Operational Statement OS 06/01 GST Treatment of Supplies of Telecommunications Services
• Correction - SPS 06/02 Writing off outstanding tax
• Correction - to TIB Vol 19, No 3 (April 2007)
• Correction - FBT tax value of vehicle under different balance date scenarios
• Correction - Threshold to account for GST on a payments basis (May 2006)

Date published: 09 Jun 2011

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