TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:57:46
29 Dec 2024
03:57:46
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
QB 16/08: Income tax - deductibility of the costs of obtaining a detailed seismic assessment of a building
The risk of earthquakes is an ongoing reality in New Zealand. Since the Canterbury earthquakes and the introduction of the Building (Earthquake-prone Buildings) Amendment Act 2016, taxpayers are trying to determine how their buildings are likely to cope in an earthquake. One means of doing this is to obtain a detailed seismic assessment.IS 16/06: Income tax - timing - when is income from professional services derived?
The two main methods used to determine when an amount of income has been derived are the cash basis and the accrual basis. No general rule of law requires that any particular profession must account for income using one method or the other. However, the correct method is not a matter of choice or practice. Identifying the correct method is a question of fact, having regard to the nature of the business or income-earning activity of any given professional.Special Determination S49: Application of the financial arrangements rules to a public-private partnership
This determination relates to an arrangement (the Project) involving the finance, design, construction and provision of ongoing asset management and maintenance services in respect of the Facility by a limited partnership (the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown.Special Determination S50: Application of the financial arrangements rules to the D&C phase of a public-private partnership
This determination relates to an arrangement (the Project) involving the finance, design, construction and provision of ongoing asset management and maintenance services in respect of the Facility by a limited partnership (the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown.Special Determination S51: Subordinated convertible note in respect of a limited partnership interest in a public-private partnership
This determination relates to the issue of subordinated convertible notes (Convertible Notes) by a limited partnership (the Partnership) to two of its limited partners (Limited Partner A and Limited Partner B - the Subscribers). The Convertible Notes will convert to a 40% partnership interest (for each of the Subscribers) at a single, or several, nominated date(s) in the future to match the partnership contributions by the other two limited partners in the Partnership (Limited Partner C and Limited Partner D).District Court declines to set aside debt judgment on basis of alleged unfairness
The defendant unsuccessfully applied to set aside a judgment of debt obtained by the Commissioner of Inland Revenue ('Commissioner'). The District Court declined to set aside the judgment on the basis that the defendant had no reasonable grounds of defence and could not establish that a miscarriage of justice had occurred.High Court confirms tax avoidance and opening of time bar on basis of returns being wilfully misleading
Great North Motor Company Limited ('Great North') commenced challenge proceedings against the Commissioner of Inland Revenue ('Commissioner') in respect of the Commissioner's assessments in the income tax periods 31 March 1996 to 2011. The High Court upheld the Commissioner's assessments.Court confirms two step approach for hardship applications
Great North Motor Company Limited ('Great North') commenced challenge proceedings against the Commissioner of Inland Revenue ('Commissioner') in respect of the Commissioner's assessments in the income tax periods 31 March 1996 to 2011. The High Court upheld the Commissioner's assessments.Court of Appeal upholds High Court decision declining an application for discovery of material exchanged pursuant to a Double Taxation Agreement
The Appellant brought an appeal against a decision of the High Court declining an application for discovery of material ('the Documents') exchanged pursuant to a Double Taxation Agreement ('DTA') between New Zealand and the Republic of Korea. The Court of Appeal agreed with the High Court that the documents were not required to be discovered but differed from the High Court on the basis for that decision. The Court considered that the documents for which discovery was sought had not been shown to be relied on by the Appellant, or to adversely affect its case or to adversely affect or support another party's case. Accordingly the Court of Appeal considered that there was no basis for the making of a discretionary order for discovery and dismissed the appeal.Subdivision, Supply of Land, and Forestry: Taxable Activities?
The Commissioner of Inland Revenue ('the Commissioner') reassessed the disputant, trustee of the X Trust ('the Trust'), disallowing the claim for GST input credits for the period ended 31 July 2009.