Tax Information Bulletin: Corrections

Correction - FBT tax value of vehicle under different balance date scenarios

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.

The example implicitly assumes that the employer can use the tax value option in the return for April-June 2006, although the vehicle was owned before that date. This would be the case if:

• when the vehicle was owned for the whole year, at least five years had lapsed since the beginning of the vehicle's initial return period; and
• when the vehicle was acquired on 7 December 2005, the first return for the vehicle is for the April-June 2006 quarter (that is, the vehicle was not used to provide fringe benefits until that quarter even though it had been purchased some months earlier).

Other pages in: Corrections

• 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
• NZIT investments not exempt
• Correction
• 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 - Threshold to account for GST on a payments basis (May 2006)

Date published: 11 Oct 2006

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