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TIB - Volume 22 - 2010

Tax Information Bulletin Vol 22 No 1 - February 2010

Binding rulings

  • Public ruling BR Pub 09/08: "Cost price of the vehicle" - meaning of the term for fringe benefit tax purposes
  • Public rulings BR Pub 09/09: Deductibility of break fee paid by a landlord to exit early from a fixed interest rate loan; and, BR Pub 09/10: Deductibility of break fee paid by landlord to vary the interest rate of an existing fixed interest rate loan

New legislation

Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009

  • Resident withholding tax rates on interest income
  • Portfolio investment entity tax rates
  • Retirement scheme contribution tax rates
  • Tax treatment of extra pays
  • New secondary tax code
  • Income tax treatment of PFSI forestry
  • Timing of allocation of beneficiary income
  • Portfolio listed companies - extension of time for listing on a recognised exchange
  • Taxation of outbound dividends
  • Tax treatment of New Zealand superannuation and the veteran's pension payable overseas
  • Tax recovery arrangements
  • Electronic communications
  • Personal tax summaries
  • Correction of minor errors in subsequent returns
  • GST treatment of waste disposal levy payment
  • GST on facilitation services

Remedial matters

  • Research and development deductions and GAAP
  • Cost of timber
  • Amendments to the life insurance taxation rules
  • Attribution rule
  • Amendments to the rewritten portfolio investment entity rules
  • Payroll giving remedials
  • Resident withholding tax and intermediaries or agents
  • Binding rulings on the Income Tax Act 1994 and 2004
  • Making the requirement to pay tax in dispute a non-disputable decision
  • Definition of "associated persons" in the GST Act, and charitable bodies
  • Gifts of money by company

Miscellaneous technical amendments

  • Interpretation of tax treaties
  • Exclusion from attribution for telecommunications income of a CFC
  • Definition of "relative"
  • RWT on taxable Māori authority distributions
  • Rewrite amendments

Orders in Council

  • FBT rate for low-interest loans lowered
  • Minimum family tax credit income amount increased
  • Student loan scheme repayment threshold for the 2010-11 tax year

Legislation and determinations

  • Corrected foreign currency amounts - conversion to New Zealand dollars

Legal decisions - case notes

  • Correction to summary of Supreme Court ruling on "Trinity"
  • Tax on MSD benefit disallowed
  • GST payable on airport development levy
  • Commissioner not restrained from advertising liquidation proceedings
  • GST refunds and section 46 of the Goods and Services Tax Act 1985
  • Judge not disqualified from hearing application to set aside his earlier judgment

Questions we've been asked

  • QB 10/01: Reimbursing shareholder-employees for motor vehicle expenses and the use of the Commissioner's mileage rate
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Date published: 01 Feb 2010

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