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PUB00286: Can a fit-out of an existing building be "improvements" for the purposes of s CB 11?
This draft Question We’ve Been Asked sets out the Commissioner's view that a fit-out of an existing building may constitute "improvements" for the purposes of s CB 11. This means that if a person is in the business of erecting buildings (or is associated with someone in that business), and they do a fit-out of an existing building, and sell that building within 10 years of completing the fit-out, the sale proceeds may be taxable under s CB 11.
Comment deadline: 17 November 2017
PUB00286 - PDF format (245kb | 5 pages)
PUB00295: Income tax: Donee organisations – meaning of wholly or mainly applying funds to specified purposes within New Zealand
This draft interpretation statement follows an Issues Paper released for consultation in mid 2016 (IRRUIP9) concerning the meaning of the term "wholly or mainly" in s LD 3(2)(a) of the Income Tax Act 2007. Section LD 3(2) describes organisations that are donee organisations. One of the requirements for donee organisations under paragraph (a) of s LD 3(2) is that they must apply their funds "wholly or mainly" to certain specified purposes within New Zealand. Inland Revenue has accepted that this requirement is met where 51% or more of an organisation's funds are applied to specified purposes within New Zealand. The draft statement suggests a higher threshold of "75% or more" (reduced from "90% or more" suggested in IRRUIP9). Therefore, this statement foreshadows a change in Inland Revenue's current practice. The draft statement also confirms that it is the specified purposes that are required to be "within New Zealand" not the spending of funds. Also, funds will be "applied" if held rather than spent.
Comment deadline: 30 November 2017
PUB00295 - PDF format (428kb | 33 pages)
PUB00295: Income tax: Donee organisations – meaning of wholly or mainly applying funds to specified purposes within New Zealand – fact sheet
This fact sheet accompanies and explains PUB00295: Income tax: Donee organisations – meaning of wholly or mainly applying funds to specified purposes within New Zealand.
Comment deadline: 30 November 2017
PUB00295 Fact sheet - PDF format (86 kb | 2 pages)
PUB00297: Income tax - Australian limited partnership and foreign tax credits
These five Public Rulings deal with the ability of a NZ resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by an Australian limited partnership. They are a reissue of BR Pub 14/01 to 14/05. The Rulings discuss Australian limited partnerships that are corporate limited partnerships for Australian tax purposes and are treated under Australian tax law as companies while in NZ retaining partnership and flow through tax treatment. The Rulings conclude that a foreign tax credit will be available to the NZ partners of an Australian limited partnership for Australian income tax or dividend withholding tax that is paid by the limited partnership in certain situations. While the conclusions do not differ from those reached in BR Pub 14/01 to 14/05, the reissued rulings contain a number of minor changes to reflect amendments to legislation.
Comment deadline: 8 November 2017
PUB00297 - PDF format (459kb | 32 pages)
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