TIB - Volume 21 - 2009

Tax Information Bulletin Vol 21 No 2 - April 2009

Binding rulings

• Subsidised transport provided by employers to employees - value for fringe benefit tax purposes
• Product ruling BR PRD 09/01

New legislation

• Orders in Council
  • Student loan scheme - interest rate for 2009-10
  • Student loan scheme - volunteer exemption
  • Use-of-money interest methodology and rate changes
  • Drop in FBT rate for low-interest loans

Legislation and determinations

• 2009 International tax disclosure exemption ITR20
• Determination E12: Persons excused from complying with section EA 3 of the Income Tax Act 2007

Standard practice statements

• SPS 09/01: Compulsory deductions from bank accounts

Questions we've been asked

• QB 09/01: Payments made in addition to financial redress under Treaty of Waitangi settlements - income tax treatment

Legal decisions - case notes

• The Commissioner is correct not to exercise statutory discretion
  • TRA 017/08 Decision 5/2009

• Structured finance taxpayer's appeal dismissed
  • Westpac Banking Corporation v Commissioner of Inland Revenue

• Time of assessment by Commissioner not seen as justification to uphold judicial review
  • Amaltal Fishing Company Limited v Commissioner of Inland Revenue

• Taxation Review Authority held relocation drivers are independent contractors and not employees
  • TRA Decision 4/2009

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Other issues this year

Tax Information Bulletin Vol 21 No 9 - December 2009
Tax Information Bulletin Vol 21 No 8 - October/November 2009
Tax Information Bulletin Vol 21 No 7 - September 2009
Tax Information Bulletin Vol 21 No 6 - August 2009
Tax Information Bulletin Vol 21 No 5 - July 2009
Tax Information Bulletin Vol 21 No 4 - June 2009
Tax Information Bulletin Vol 21 No 3 - May 2009
Tax Information Bulletin Vol 21 No 1 - March 2009

Date published: 07 Apr 2009

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