TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:37:27
29 Dec 2024
03:37:27
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
PUBLIC RULING BR PUB 15/03: GST - LEGAL SERVICES PROVIDED TO NON-RESIDENTS RELATING TO TRANSACTIONS INVOLVING LAND IN NEW ZEALAND
The Arrangement is the supply by a registered person of legal services to a non-resident (who is outside New Zealand at the time the services are performed)COMMENTARY ON PUBLIC RULING BR PUB 15/03
This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in Public Ruling BR Pub 15/03 (the Ruling).2015 INTERNATIONAL TAX DISCLOSURE EXEMPTION ITR26
Section 61 of the Tax Administration Act 1994 ('TAA') requires taxpayers to disclose interests in foreign entities. Section 61(1) of the TAA states that a person who has a control or income interest in a foreign company or an attributing interest in a foreign investment fund ('FIF') at any time during the income year must disclose the interest held. However, section 61(2) of the TAA allows the Commissioner of Inland Revenue to exempt any person or class of persons from this requirement if disclosure is not necessary for the administration of the international tax rules (as defined in section YA 1) contained in the Income Tax Act 2007 ('the ITA').PERSONS NOT REQUIRED TO COMPLY WITH SECTION 61 OF THE TAX ADMINISTRATION ACT 1994
This exemption is made under section 61(2) of the Tax Administration Act 1994. It details interests in foreign companies and attributing interests in foreign investment funds ('FIFs') in relation to which any person is not required to comply with the requirements in section 61 of the Tax Administration Act 1994 to make disclosure of their interests, for the income year ended 31 March 2015.SPECIAL DETERMINATION S33: APPLICATION OF THE FINANCIAL ARRANGEMENTS RULES TO THE LONG TERM INCENTIVE PLAN ESTABLISHED FOR SENIOR EXECUTIVES OF NEW ZEALAND COMPANY LIMITED
This determination may be cited as Special Determination S33: 'Application of the financial arrangements rules to the long term incentive plan established for senior executives of New Zealand Company Limited'.SPECIAL DETERMINATION S34: SPREADING METHOD TO BE USED BY BANK IN RESPECT OF THE NOTES AND VALUATION OF SHARES ISSUED BY BANK AND NZHOLDCO ON CONVERSION.
This determination relates to a funding transaction involving the issue of Notes by the Bank to the public pursuant to a Notes Deed Poll. The Notes will contain an exchange mechanism, so they can be recognised as Additional Tier 1 capital for the purposes of the Reserve Bank of New Zealand and Australian Prudential Regulation Authority frameworks relating to the capital adequacy of banks.DETERMINATION FDR 2015/01: A TYPE OF ATTRIBUTING INTEREST IN A FOREIGN INVESTMENT FUND FOR WHICH A PERSON MAY NOT USE THE FAIR DIVIDEND RATE METHOD (WELLINGTON MANAGEMENT PORTFOLIOS (DUBLIN) PLC: GLOBAL BOND FUND - NZD SHARE CLASS)
Units in the Wellington Management Portfolios (Dublin) Plc: Global Bond Fund (WMP) – New Zealand dollar denominated share class (NZD Share Class) to which this determination applies, are an attributing interest in a foreign investment fund (FIF) for New Zealand resident investors.QB 15/01: INCOME TAX - TAX AVOIDANCE AND DEBT CAPITALISATION
This Question We've Been Asked (QWBA) considers one of those scenarios concerning debt capitalisation.DIVIDEND STRIPPING ASSESSMENTS UPHELD ON APPEAL
This Question We've Been Asked (QWBA) considers one of those scenarios concerning debt capitalisation.INPUT TAX DEDUCTIONS LIMITED UNDER S 21HB WHERE THE SUPPLIER AND THE RECIPIENT ARE ASSOCIATED PERSONS
The issue for the Taxation Review Authority (“TRA”) was whether the input tax credit claimed by the disputant under s 21HB of the Goods and Services Tax Act 1985 ('GSTA') for the purchase of the house before 1 April 2011 is limited to zero, pursuant to s 3A(3) of the GSTA definition of 'input tax', where the supply is from an associated person.UNSUCCESSFUL APPLICATION FOR REVIEW
This decision relates to an application for review of an Associate Judge's decision filed by Peter William Mawhinney as trustee of the Forest Trust ('the Trust'). The decision which the Trust sought to review was that of Associate Judge Christiansen striking out part of the Trust's Statement of Claim in damages and ordering the Trust to pay $40,000 in security for costs (Mawhinney v Commissioner of Inland Revenue [2014] NZHC 1554).SUCCESSFUL APPEAL BY THE COMMISSIONER
In 1988, the taxpayer (a property developer) purchased a large block of land in Christchurch and began construction of a retail shopping centre on the site. In 2003, before the development was fully complete, the taxpayer sold the centre to AMP. The agreement for sale and purchase between the taxpayer and AMP ('the Agreement') contained an 'option' which required the taxpayer to use its best endeavours to lease and build the undeveloped part of the centre.DEDUCTION DENIED FOLLOWING CESSATION OF PROPERTY DEVELOPMENT BUSINESS
The taxpayer entered into a sale and purchase agreement to purchase land for the purpose of undertaking a large retail and residential development. The taxpayer obtained resource consent to build the development but the sale and purchase agreement was cancelled following civil litigation between the taxpayer and the vendor of the land.APPLICATION FOR LEAVE TO APPEAL TAXATION REVIEW AUTHORITY DECISION OUT OF TIME DISMISSED
The taxpayer’s application for special leave to appeal the Taxation Review Authority's ('TRA's') decisions out of time was dismissed.NEW ZEALAND BILL OF RIGHTS APPLICATION BY TRINITY INVESTORS STRUCK OUT BY HIGH COURT
This proceeding concerned an application for orders seeking, amongst other things, to set aside the initial High Court judgment of Venning J in Accent Management Ltd v Commissioner of Inland Revenue (2005) 22 NZTC 19,027 (HC) ('Accent 2004'). The plaintiffs claimed the judgment was in breach of the Bill of Rights Act 1990 on the basis that Venning J was biased towards the Commissioner, having become beholden to her following non-payment of $4,250 of stamp duty in 1992.FATCA INTERGOVERNMENTAL AGREEMENT UPDATE
New Zealand has received notification from the United States Government of more favourable terms being granted to another jurisdiction. These terms are to form part of the Foreign Account Tax Compliance Act intergovernmental agreement signed between New Zealand and the United States in July 2014.