TIB index based from the NZ Tax Information Bulletin - kwister.net
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03:30:57
29 Dec 2024
03:30:57
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
CORRECTION TO 'BR PUB 13/05-13/06: INCOME TAX - STANDARD PROJECT AGREEMENT FOR A PUBLIC-PRIVATE PARTNERSHIP'
These two public rulings were published in the Tax Information Bulletin Vol 25, No 11 (December 2013). In the section 'Public Ruling - BR Pub 13/05: Income tax - Standard project agreement for a public-private partnership - Companies', on page 5, under the subheading 'Unitary Charge' the bullet points should read:LIVESTOCK VALUES - 2014 NATIONAL STANDARD COSTS FOR SPECIFIED LIVESTOCK
The Commissioner of Inland Revenue has released a determination, reproduced below, setting the national standard costs for specified livestock for the 2013-2014 income yearDETERMINATION FDR 2014/01: A TYPE OF ATTRIBUTING INTEREST IN A FOREIGN INVESTMENT FUND FOR WHICH A PERSON MAY NOT USE THE FAIR DIVIDEND RATE METHOD (RUSSELL INVESTMENT COMPANY PLC: NZDH-A CLASS SHARES)
Shares in the Russell Investment Company plc (RIC), an Irish public limited company to which this determination applies, are an attributing interest in a foreign investment fund (FIF) for New Zealand resident investors. RIC is structured as an umbrella fund with segregated liability between sub-funds. Those sub-funds do not have a separate legal personality under Irish lawDETERMINATION CFC 2014/01: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (CIGNA APAC HOLDINGS LIMITED)
Under sections CQ 2(1)(h) and DN 2(1)(h) of the Income Tax Act 2007, subject to sections CQ 2(2B) and DN 2(2), no attributed CFC income or loss arises from a CFC that is a non-attributing active CFC under section EX 21B of the Income Tax Act 2007. Section EX 21B(3) of the Income Tax Act 2007 provides that a CFC that is an insurer meeting the requirements of a determination made by the Commissioner under section 91AAQ of the Tax Administration Act 1994 is a non-attributing active CFC.DETERMINATION CFC 2014/02: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (CIGNA APAC HOLDINGS LIMITED)
Under sections CQ 2(1)(h) and DN 2(1)(h) of the Income Tax Act 2007, subject to sections CQ 2(2B) and DN 2(2), no attributed CFC income or loss arises from a CFC that is a non-attributing active CFC under section EX 21B of the Income Tax Act 2007. Section EX 21B(3) of the Income Tax Act 2007 provides that a CFC that is an insurer meeting the requirements of a determination made by the Commissioner under section 91AAQ of the Tax Administration Act 1994 is a non-attributing active CFC.APPEAL STRUCK OUT FOR FAILURE TO PAY SECURITY FOR COSTS
Mr Patterson filed an appeal for a High Court decision adjudicating him bankrupt. He did not, however, pay security for costs as ordered by the Court of Appeal. The Commissioner of Inland Revenue ('the Commissioner') therefore applied to have Mr Patterson's appeal struck out. The Court of Appeal granted the Commissioner's application and struck out Mr Patterson's appeal because of his failure to pay security for costs and because the appeal itself had no realistic prospect of success.RESIDENCY – RWT AND APPROVED ISSUER LEVY
The Court found the appellants were resident at the relevant time and were, therefore, liable to account for resident withholding tax ('RWT'). Further, the appellants' arrangement was also confirmed a tax avoidance arrangement.APPLICATION TO SET ASIDE FREEZING ORDER GRANTED AND INDEMNITY COSTS AWARDED AGAINST COMMISSIONER
The Commissioner of Inland Revenue ('the Commissioner') obtained freezing orders over the defendants' bank accounts on 14 November 2013. However, prior to the application being made, and unbeknown to the Commissioner, the defendants had transferred sufficient funds to cover the assessments back to the liquidator of the assessed companiesSOVEREIGNS APPEAL DISMISSED BY THE COURT OF APPEAL
The Court of Appeal dismissed Sovereign Assurance Company Limited's ('Sovereign') appeal of its income tax assessments for the 2000-06 income years. The Commissioner of Inland Revenue ('the Commissioner') reassessed Sovereign in accordance with the accrual regime on the basis that the refundable commission transactions under the treaties were a financial arrangement pursuant to subpart EH of the Income Tax Act 1994 ('the Act').LIQUIDATION TRIGGERS STATUTORY SET-OFF; SET-OFF NOT A 'TRANSACTION' FOR THE PURPOSES OF THE VOIDABLE TRANSACTION PROVISIONS
At the date of liquidation, Raiz Enterprises Ltd ('the company') owed outstanding pay as you earn ('PAYE') and goods and services tax ('GST'), but was owed a refund for overpaid withholding tax. The Commissioner of Inland Revenue ('the Commissioner') set off the refund against the amount owed. The liquidator's application for orders that the set-off was a voidable transaction was declined.HIGH COURT FINDS NO JURISDICTION TO JUDICIALLY REVIEW THE COMMISSIONER'S REASSESSMENT OF GOODS AND SERVICES TAX
The plaintiff applied for judicial review of the Commissioner of Inland Revenue's ('the Commissioner') reassessment of goods and services tax ('GST') on a number of grounds. The Commissioner objected to the jurisdiction of the High Court to hear and determine the causes of action based on Tannadyce Investments Ltd v Commissioner of Inland Revenue [2011] NZSC 158, [2012] 2 NZLR ('Tannadyce').