TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:23:05
29 Dec 2024
03:23:05
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
Families Package (Income Tax and Benefits) Act 2017
This new legislation received Royal assent on 20 December 2018. Three key tax-related measures were enacted. Best Start was introduced to replace the Parental Tax Credit, Tax cuts planned by the previous government were cancelled and the Independent Earner Tax Credit reintroduced, and Working For Families Tax Credits were changed to better target assistance to low and middle income families.QB 18/01: Can a fit-out of an existing building be 'improvements' for the purposes of s CB 11?
This Question We've Been Asked sets out the Commissioner's view that a fit-out of an existing building may constitute 'improvements' for the purposes of s CB 11. This means that if a person is in the business of erecting buildings (or is associated with someone in that business), and they do a fit-out of an existing building, and sell that building within 10 years of completing the fit-out, the sale proceeds may be taxable under s CB 11.SPS 18/01: Retrospective adjustments to salaries paid to shareholder-employees
This statement sets out the process for considering whether the circumstances are appropriate for the Commissioner to agree to retrospectively alter an amount of shareholder's salary, irrespective of whether this alteration increases or decreases the original amount of shareholder's salaryNational standard costs for specified livestock determination 2018
This determination is made in terms of section EC 23 of the Income Tax Act 2007. It shall apply to any specified livestock on hand at the end of the 2017-2018 income year where the taxpayer has elected to value that livestock under the national standard cost scheme for that income year.Application for Interim Liquidator
Associate Judge Matthews was satisfied that the interests of creditors would be safeguarded by interim liquidators being appointed, as the assets are in jeopardyNotices issued under s 17 of the Tax Administration Act 1994 held to be invalid
Chatfield & Co Ltd and Chatfield & Co applied to judicially review a decision of the Commissioner of Inland Revenue to issue 15 Notices to Furnish Information under s 17 of the Tax Administration Act 1994 to it ('the Notices'). A partially successful strike out application left one cause of action (being an alleged failure to take into account the terms of a double taxation agreement between the Republic of Korea and New Zealand) to proceed to a substantive hearing. The High Court found that cause of action was made out and granted the application for judicial review, quashing the Notices.When does the response period to issue a NOR start following the Taxation Review Authority's decision that a NOPA should have been accepted out of time?
The Taxation Review Authority concluded that s 89AC of the Tax Administration Act 1994 applied to this dispute and that the Commissioner of Inland Revenue's ('the Commissioner') Notice of Response ('NOR') was issued within the requisite response period. Even if s 89AC was not applicable, the Commissioner's NOR was issued within the response period under s 89AB (prior to amendment). Furthermore, even if it was not, there has been no deemed acceptance of the disputant's Notice of Proposed Adjustment by the Commissioner under s 89H(2).Part of claim that did not comply with strict procedural requirements struck out by Taxation Review Authority
Categories: amendment, goods-and-services-tax, notice-notice-of-claim