In the 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.
NZIT has advised that investments in the company do not meet the criteria for the exemption for the 2008 tax year. Investors in NZIT, therefore, need to take into account this investment when determining their tax obligations under the new FIF rules.
If a return of income has already been filed on the basis that the exemption applied, you should make a full voluntary disclosure of any tax shortfall due to the above change.
Other pages in: Corrections
- Correction - to TIB Vol 25, No 11 (December 2013)
- Correction - to TIB Vol 24, No 3 (April 2012)
- Correction - to TIB Vol 23, No 9 (November 2011)
- Correction - to TIB Vol 23, No 3 (April 2011)
- Corrections - to TIB Vol 23, No 1 (February 2011)
- Corrected foreign currency amounts - conversion to New Zealand dollars
- Summary of Supreme Court Ruling on "Trinity"
- Incorrect currency rates - October 2009
- Correction - incorrect figure in the National Average Market Values of Specified Livestock Determination, 2008
- Interim judgment printed in error
- Incorrect currency rates
- Correction - SPS 07/05 - Transfer of depreciable property between associated persons - section EE 33 of the Income Tax Act 2004
- Correction - Operational Statement OS 06/01 GST Treatment of Supplies of Telecommunications Services
- Correction - SPS 06/02 Writing off outstanding tax
- Correction - to TIB Vol 19, No 3 (April 2007)
- Correction - FBT tax value of vehicle under different balance date scenarios
- Correction - Threshold to account for GST on a payments basis (May 2006)
Date published: 13 Aug 2008