TIB index based from the NZ Tax Information Bulletin - kwister.net
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03:35:07
29 Dec 2024
03:35:07
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
PRODUCT RULING BR PRD 15/03: MINISTRY OF BUSINESS, INNOVATION AND EMPLOYMENT
The Arrangement is the charging of an annual levy (Levy) under s 89 of the Telecommunications Act 2001 (the TA) on liable telecommunication operators by the Minister of Communications and Information Technology (Minister), currently responsible for the administration of the TA.PRODUCT RULING BR PRD 15/04: HARBOUR FUND II GP LIMITED
The Arrangement is the entering into of the Funding Agreement, and the receipt by Harbour Fund II Limited Partnership (the Fund) of proceeds (Proceeds) pursuant to individual funding agreements that the Fund will enter into with litigation claimants (the Claimants) to a class action against James Hardie New Zealand and the other James Hardie entities, under which the Fund will agree to pay all legal and other costs incurred by the Claimants, in return for a share of the proceeds.PUBLIC RULING BR PUB 15/11: FRINGE BENEFIT TAX - EXCLUSION FOR CAR PARKS PROVIDED ON AN EMPLOYER'S PREMISES
The Arrangement is the provision of a benefit by an employer (or a group company) to an employee in connection with their employment. The benefit is the provision of a car park that the employer owns or leases.PUBLIC RULING BR PUB 15/12: FRINGE BENEFIT TAX - EXCLUSION FOR CAR PARKS PROVIDED ON THE PREMISES OF A COMPANY THAT IS PART OF THE SAME GROUP OF COMPANIES AS AN EMPLOYER
The Arrangement is the provision of a benefit by an employer (or a group company) to an employee in connection with their employment. The benefit is the provision of a car park that the employer owns or leases.COMMENTARY ON PUBLIC RULINGS BR PUB 15/11 AND BR PUB 15/12
The Arrangement is the provision of a benefit by an employer (or a group company) to an employee in connection with their employment. The benefit is the provision of a car park that the employer owns or leases.COMMISSIONER'S OPERATIONAL POSITION ON FBT AND CAR PARKS
Inland Revenue has released BR Pub 15/11 and BR Pub 15/12. These rulings cover car parks an employer owns or leases and whether they will qualify for the 'on-premises' exemption from FBT. BR Pub 15/11 relates to car parks provided on premises that the employer owns or leases while BR Pub 15/12 relates to car parks provided on the premises of a company that is part of the same group of companies as an employer.SPS 15/02: REMISSION OF PENALTIES AND USE-OF-MONEY INTEREST
This statement sets out the Commissioner's practice when granting remission of penalties and use-of-money interest under ss 183A, 183ABA and 183D of the Tax Administration Act 1994 (the TAA).SPS 15/03: WRITING OFF OUTSTANDING TAX
This statement sets out the Commissioner's practice when granting remission of penalties and use-of-money interest under ss 183A, 183ABA and 183D of the Tax Administration Act 1994 (the TAA).SPECIAL DETERMINATION S43: VALUATION OF SHARES ISSUED BY BANK AND NZHOLDCO FOLLOWING A NON-VIABILITY TRIGGER EVENT
This determination relates to a funding transaction involving the issue of Notes by Bank to the public pursuant to a Deed Poll. The Notes will contain a conversion mechanism to allow them to be recognised as Tier 2 capital for the purposes of the Reserve Bank of New Zealand and Australian Prudential Regulation Authority frameworks relating to the capital adequacy of banksSPECIAL DETERMINATION S44: SPREADING OF INCOME AND EXPENDITURE UNDER VARIED PARTICIPANTS' DEBT ARRANGEMENTS
This Determination relates to financial arrangements between New Zealand Company Limited, the other Debtors and Participant Creditors, whose terms have been amended under a Restructured Debt Deed (RDD) in accordance with a Deed of Company Arrangement (DOCA).SPECIAL DETERMINATION S45: SPREADING OF INCOME AND EXPENDITURE UNDER VARIED INTRA-GROUP DEBT ARRANGEMENTS
This Determination relates to financial arrangements the terms of which have been amended under a Restructured Debt Deed (RDD) entered into by New Zealand Company Limited (NZCo) and the Administration Subsidiaries in favour of Participant Creditors, in accordance with a Deed of Company Arrangement (DOCA).QB 15/13: INCOME TAX - WHETHER THE COST OF ACQUIRING AN OPTION TO ACQUIRE REVENUE ACCOUNT LAND IS DEDUCTIBLE
Categories: acquisition, deduction, landQB 15/14: GOODS AND SERVICES TAX - PROGRESS PAYMENTS ON BOATS TO BE EXPORTED BY SUPPLIER
Categories: boat, export, goods-and-services-tax, progress-paymentQB 15/15: INCOME TAX - FIRST AID ALLOWANCES
During a review of Public Information Bulletins a number of items relating to the tax treatment of employee allowances were identified as needing to be reviewed. This QWBA replaces 'First Aid Allowance' (Public Information Bulletin No 149, July 1986).ORDERS IN COUNCIL INCOME TAX (FRINGE BENEFIT TAX, INTEREST ON LOANS) AMENDMENT REGULATIONS 2015
The prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers to their employees has been changed to 5.99%. The new rate applies for the quarter beginning on 1 October 2015 and for subsequent quarters. The previous rate was 6.22%.ORDERS IN COUNCIL INCOME TAX (MINIMUM FAMILY TAX CREDIT) ORDER 2015
Low-income working families who are eligible for the minimum family tax credit (MFTC) will receive an increase for the 2016-17 tax year.ORDERS IN COUNCIL TAX ADMINISTRATION (INFORMATION SHARING WITH ACCIDENT COMPENSATION CORPORATION) ORDER 2015
The Tax Administration (Information Sharing with Accident Compensation Corporation) Order 2015 provides for the provision of information from Inland Revenue to the Accident Compensation Corporation (ACC).TAXATION (BRIGHT-LINE TEST FOR RESIDENTIAL LAND) ACT 2015
The Taxation (Bright-line Test for Residential Land) Bill was introduced into Parliament on 24 August 2015. The bill received its first reading on 8 September 2015, the second reading on 3 November 2015 and the third reading on 12 November 2015. The resulting Act received Royal assent on 16 November 2015.OTHER REMEDIAL AMENDMENTS Non-active trust filing exception
An amendment to the Tax Administration Act 1994 allows non-active trusts (which are currently required to file nil income tax returns) to apply to be exempted from the obligation to file, thereby reducing compliance costsOTHER REMEDIAL AMENDMENTS Definition of 'land'
As a result of the rewrite of income tax legislation, there was an unintended change to the definition of 'land'. This change created uncertainty over whether it included an interest in land.OTHER REMEDIAL AMENDMENTS Clarifying treatment of land transferred under a resident's restricted amalgamation
The new Act clarifies the treatment of revenue account property transferred as a result of a resident's restricted amalgamation when, at the time of the amalgamation, it is unclear whether the amalgamated company holds the property on revenue or capital accountTAXATION (SUPPORT FOR CHILDREN IN HARDSHIP) ACT 2015
As part of Budget 2015, the Government announced changes to help provide financial relief for children in very low income families. These changes were introduced into Parliament in the Support for Children in Hardship Bill.TAXATION (SUPPORT FOR CHILDREN IN HARDSHIP) ACT 2015 - CHANGES TO IN-WORK TAX CREDIT AND THE FAMILY CREDIT ABATEMENT RATE
As part of Budget 2015, the Government announced changes to help provide financial relief for children in very low income families. These changes were introduced into Parliament in the Support for Children in Hardship Bill.TAXATION (SUPPORT FOR CHILDREN IN HARDSHIP) ACT 2015 - CONSEQUENTIAL CHANGES TO THE TAXATION (ANNUAL RATES AND BUDGET MATTERS) ACT 2011
Sections 2(3), (4) and (5), and 5 of the Taxation (Annual Rates and Budget Measures) Act 2011 have been amended to ensure the Budget 2011 scheduled changes to the WfFTC abatement regime are updated to include the increase to the abatement rate on 1 April 2016.APPLICATION TO RAISE NEW PROPOSITIONS OF LAW AND ISSUES DISMISSED
This was an application of the disputant to raise new propositions of law and new issues in challenge proceedings. The Taxation Review Authority ('the Authority') found that the disputant had not identified any propositions of law or new issues that the disputant could not have discerned with due diligence at the time of delivery of his Statement of Position ('SOP'). Accordingly, the application was dismissed.DISMISSAL OF APPLICATION TO DISPENSE WITH SECURITY FOR COSTS
The High Court dismissed Mr Musuku's application for an order dispensing with, or postponing payment of, security for costs in accordance with High Court Rules, r 20.13.THE COMMISSIONER'S APPLICATION TO STRIKE OUT DISPUTANT'S NOTICE OF CLAIM
The Commissioner of Inland Revenue ('the Commissioner') applied to strike out the disputant's Notice of Claim for non-compliance with s 138B of the Tax Administration Act 1994 ('TAA') and, in the alternative, for want of prosecution. The Taxation Review Authority ('the Authority') held that the proceeding must be treated as having been discontinued as the claim was not effected on the Commissioner.DIRECTOR'S LIABILITY FOR ASSET STRIPPING UNDER SECTION HD 15
The Commissioner of Inland Revenue ('the Commissioner') applied to strike out the disputant's Notice of Claim for non-compliance with s 138B of the Tax Administration Act 1994 ('TAA') and, in the alternative, for want of prosecution. The Taxation Review Authority ('the Authority') held that the proceeding must be treated as having been discontinued as the claim was not effected on the Commissioner.COURT OF APPEAL UPHOLDS STRIKE-OUT OF REMAINING TRINITY TAX CHALLENGES
The Court of Appeal dismissed an appeal by the Trinity investors against the decision of the High Court striking out their tax challenges. The Court of Appeal considered that issue estoppel prevented the appellants from challenging the tax years already decided by the Supreme Court.