TIB - Volume 21 - 2009

Tax Information Bulletin Vol 21 No 8 - October/November 2009

FDR 2009/03: A type of attributing interest in a foreign investment fund for which a person may not use the fair dividend rate method (PIMCO Funds: Global Investors Series plc Global Bond Fund)
FDR 2009/5: Use of fair dividend rate method for a type of attributing interest in a foreign investment fund that is a derivative income trust
Cancellation of Determination G30: Debt securities, finance leases and hire purchase agreements denominated in New Zealand dollars
Foreign currency amounts - conversion to New Zealand dollars

Commissioner entitled to discovery
Application of High Court orders stayed by Court of Appeal
Legal expenses non-deductible
Court of Appeal says Privacy Council decision in relation to bank cheques and drafts binding
Avoidance arrangement and Commissioner's reconstruction confirmed
Judicial Review action against Commissioner struck out because disputes process not followed
Reparation and section 109 of the Tax Administration Act 1994
No right of appeal from Taxation Review Authority's interlocutory decisions
Challenge to jurisdiction of Taxation Review Authority fails
Entitlement to deregister from GST and decision on whether or not a sale was planned results in partial win for the Commissioner

Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009

New rules for taxing controlled foreign companies and foreign dividends
Taxation of life insurance business
Tax treatment of payments for relocation, overtime meals and certain other allowances
Payroll giving - a new tax credit
New definitions of "associated persons"

Other policy matters

Tax treatment of transactions in emissions units
Stapled stock
Film and government funding
General insurance risk margins
Changes to the tax treatment of petroleum mining
Niue development
Provisional tax pooling
Tax treatment of non-resident seasonal workers
Penalties
Organisations approved for charitable donee status
Non-disclosure right
ACC - personal service rehabilitation payments
Tax recovery arrangements
Venture capital exemption
Tax treatment of reimbursements and honoraria paid to volunteers
GST and loyalty points
GST and exported second-hand goods
GST and public authorities
Corporate reorganisations not affecting economic ownership
Further IFRS amendments to the financial arrangements rules
Registered banks and residential mortgage-backed securities special purpose vehicles
Remission of use-of-money interest