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Public rulings: Public rulings 2012
Inland Revenue issues public rulings to give an interpretation on how a tax law applies to taxpayers and arrangements. These rulings set out our view of specific types of arrangements. Taxpayers whose circumstances match those in a ruling may apply it, but are not obliged to do so.
If you calculate your tax liability according to an applicable public binding ruling, Inland Revenue must assess your tax according to that ruling. A public ruling applies only to the particular taxation law and arrangement set out in the ruling and only for a specified period. If there is any material difference between the facts in the ruling and a taxpayer's actual arrangement, the ruling does not apply.
Public rulings are issued by the Office of the Chief Tax Counsel. If you have any inquiries about public rulings, please contact Technical Services.
The list below has all the public rulings for the year you have selected.
Deductibility of break fees paid by a landlord to exit early from, or vary the interest rate of, a fixed interest rate loan, or to exit early from a fixed interest rate loan on sale of a rental property.
These three public rulings are re-issues of previous rulings which are expiring, and consider the deductibility of mortgage break fees paid by a landlord to exit early from a fixed interest rate loan (including when the property is sold) or vary the interest rate. The rulings are consistent with the conclusions reached previously, and are being issued with a single commentary covering all three.
Ruling applies from: an indefinite period beginning on the first day of the 2012/13 income year
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Current status: Indefinite
BR Pub 12/01 - 12/03 - PDF format (182kb | 19 pages)