TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:37:06
29 Dec 2024
03:37:06
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
BR Pub 17/03: Goods and Services Tax - traffic enforcement activities by local authorities - GST output tax on infringement fees retained - treatment of fines - GST input tax on acquisition of goods and services
The Arrangement concerns local authority traffic law enforcement activities under the Land Transport Act 1998Commentary on Public Ruling BR Pub 17/03
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 17/03 ('the Ruling').Order in Council - Minimum family tax credit threshold rises for 2017-18 tax year
The income threshold for the minimum family tax credit (MFTC), which guarantees eligible low-income working families a minimum level of after-tax income, rises from $23,764 to $23,816 on 1 April 2017IS 17/01: Income tax - deductibility of feasibility expenditure
This interpretation statement contains guidelines that the Commissioner considers relevant in determining whether feasibility expenditure is deductible under the general deductibility provisions in s DA 1. The statement applies where, having regard to the nature of the taxpayer's business, feasibility expenditure of the type in question is incurred as an ordinary incident of business and is recurrent in nature. Other feasibility expenditure (for example, expenditure associated with a one-off capital expansion or acquisition) is not covered by the statement. Ordinary deductibility principles should be applied to these situations to determine whether the general permission and capital limitation apply.Minor amendment made to Standard Practice Statement 16/01 Requests to amend assessments
Under s 113 of the Tax Administration Act 1994 (the TAA), errors are generally required to be corrected in the return period in which they arose. However, s 113A of the TAA allows taxpayers to correct minor errors made in income tax returns (including RWT and NRWT), FBT returns or GST returns in the next return that is due after the discovery of the errorDetermination FDR 2016/07: Use of fair dividend rate method for a type of attributing interest in a foreign investment fund
This determination applies to an attributing interest in a FIF, being a direct income interest in K2. This is a type of attributing interest for which the investor may use the fair dividend rate method to calculate FIF income from the interest.2017 International tax disclosure exemption ITR28
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. In the case of partnerships, disclosure needs to be made by the individual partners in the partnership. The partnership itself is not required to discloseUnsuccessful application to set aside statutory demand after taxpayer's breach of binding agreement with the Commissioner regarding tax debt
Elementary Solutions Ltd ('the applicant') was unsuccessful in its application to set aside the Commissioner of Inland Revenue's ('the Commissioner') statutory demand for unpaid taxes. The Court held that the parties had reached a binding agreement, where the Commissioner would not pursue the debt pending the outcome of a separate defamation proceeding. The Court held that an essential term of the agreement was that for the next 12 months the applicant and its director meet their ongoing tax obligations. When they failed to do so, the Court held that the Commissioner was entitled to cancel the agreement and pursue recovery of the applicant's tax debt.