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From time to time we issue corrections to information previously published in Tax Information Bulletins. These corrections are identified here. Please note the corrections will have already been applied to the affected content pages.
The exchange rates for the six months ending 30 September published in the October/November 2009 issue of the Tax Information Bulletin Vol 21, No 8, pp14–17, were incorrect.
The summary case notes for the "Supreme Court Ruling on 'Trinity'" published in the Tax Information Bulletin Vol 21, No 1 (March 2009), page 44, contained an error in the Impact of decision.
Due to a processing error, the October currency rates (in Table B, page 17) in the October/November 2009 Part I issue of the Tax Information Bulletin are incorrect.
Correction - incorrect figure in the National Average Market Values of Specified Livestock Determination, 2008
Correction to Volume 20, No 6 (July 2006) TIB.
Avowal Administrative Attorneys & Ors v the District Court at North Shore and the Commissioner of Inland Revenue. A summary of an interim judgment in this case was included in error in the June 2008 Tax Information Bulletin Vol 20, No 5 at page 17.
Due to a processing error the October currency rates (Table A, pages 14-16) in the May 2008 issue of the Tax Information Bulletin are incorrect.
In Tax Information Bulletins, Vol 19, No 3 (April 2007) and Vol 20, No 4 (May 2008), we referred to investments in New Zealand Investment Trust plc (NZIT) that were exempt from being attributing interest under the new foreign investment fund (FIF)rules.
In the November edition of the Tax Information Bulletin, there was an item on the Adjudication Unit. Unfortunately, an error was contained in that article, at page 10 of the TIB.
Correction - SPS 07/05 - Transfer of depreciable property between associated persons - section EE 33 of the Income Tax Act 2004
In SPS 07/05 the word "nephew" in the first paragraph under "Example 2: transfer between individual taxpayers" is incorrect and should be replaced with the word "grandson".
Correction - Operational Statement OS 06/01 GST Treatment of Supplies of Telecommunications Services
In the item published under the section "Operational Statement" in Tax Information Bulletin, Vol 18, No 3 (April 2006), pp13-24, please note that the diagram (p20, paragraph 80) under "Example 6: toll-free calling service:" is incorrect.
Correction to Volume 18, No 5 (June 2006) TIB.
The following seciton references replace those published on pages 73 and 89, Tax Information Bulletin, Vol 19, No 3 (April 2007).
In the item published under the section, "New Legislation" in the Tax Information Bulletin, Vol 18, No 5 (June 2006), please note that in the second part of the example shown on page 78 the reference to "1 July 2006" should read "1 July 2005" and the reference to "1 July 2007" should read "1 July 2006", as shown in the next column.
Claification whether the taxable supplies threshold for accounting for GST on a payments basis, as advised in an earlier Tax Information Bulletin item, should read as a GST-inclusive or exclusive value.