TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:20:07
29 Dec 2024
03:20:07
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
Order in Council - Tax Administration (Extension of Period of Relief for Certain Disposals of Trading Stock) Order 2022
Sections GZ 4 and GZ 5 of the Income Tax Act 2007 introduced in 2021 provided temporary relief from a deemed income rule in the Income Tax Act in response to COVID-19. The purpose of the 2021 change was to remove a tax disincentive for businesses donating goods. The change applied for certain donations of trading stock made between 17 March 2020 and 17 March 2022 (inclusive)Order in Council - COVID-19 Support Payments Scheme (Omicron Outbreak) Amendment Order (No 2) 2022
The COVID-19 Support Payments Scheme (Omicron Outbreak) Amendment Order (No 2) 2022 came into force on 28 March 2022. The new Order in Council allows recently acquired businesses to use the revenue of the previous owner for the purposes of the 2021 comparator period.BR Prd 22/02: Ovato Residential Distribution NZ Limited
The Arrangement is the engagement of Supervisors by Ovato Residential under an Independent Contractor Contract (the Contract) to provide certain supervisory services in relation to the delivery of unaddressed mail such as free newsletters, community newspapers, magazines, directories, circulars and samples and other similar items to households and other premises throughout New Zealand.BR Prd 22/03: Ovato Residential Distribution NZ Limited
The Arrangement is the engagement of Deliverers by Ovato Residential under a Deliverers' Handbook and Contract (the Contract) to deliver unaddressed mail such as free newsletters, community newspapers, magazines, directories, circulars and samples and other similar items to households and other premises throughout New Zealand.BR Prd 22/05: Reach Media New Zealand Limited
The Arrangement is the engagement of people (Distributors) by Reach Media to physically deliver unaddressed mail (newspapers, circulars, leaflets, brochures, catalogues, advertising material, samples and other such items) from drop-off locations to households and other premises throughout New Zealand.BR Prd 22/06: Reach Media New Zealand Limited
The Arrangement is the engagement of people (Drivers) by Reach Media to transport unaddressed mail (newspapers, circulars, leaflets, brochures, catalogues, advertising material, samples and other such items) from Reach Media's premises to predetermined drop-off locations.BR Prd 22/07: Reach Media New Zealand Limited
The Arrangement is the engagement of persons (Supervisors) by Reach Media to provide certain supervisory services in metropolitan and rural areas in relation to the delivery of newspapers, circulars, leaflets, brochures, catalogues, advertising material, samples and other such items.COV 22/15: Variation in relation to s RP 17B(4) of the Income Tax Act 2007 to extend time for tax pooling transfers
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994 (TAA), made the following statutory variation: Section RP 17B(4)(a) and (b) of the Income Tax Act 2007 are varied to allow a taxpayer to ask a tax pooling intermediary to arrange the transfer of an amount to satisfy an obligation for provisional tax (other than under the aim method), terminal tax or use of money interest on the provisional tax or terminal tax for the 2021 income year, on or before the date that is 183 days after a person's terminal tax date for the 2021 tax year falling due on 17 January 2022 or later.COV 22/16: Variation in relation to the definition of "finance lease" in s YA 1 of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: The time period of "more than 75% of the asset's estimated useful life" referred to in paragraph (b) of the definition of "finance lease" in s YA 1 of the Income Tax Act 2007 is extended to "more than 75% of the asset's estimated useful life plus an additional 44 months" where the term of the lease is extended between 14 February 2020 and 30 September 2022.AE 22/01: Participating jurisdictions for the CRS applied standard
New Zealand’s list of participating jurisdictions made by determination under section 91AAU of the Tax Administration Act 1994 for the purposes of the CRS applied standard and associated requirements under Part 11B of the Tax Administration Act 1994 has been amended with effect from the 1st of April 2022 as follows:OS 22/02: Reporting requirements for domestic trusts
The trust information gathering powers in s 59BA apply for the 2021-22 and later income years. The retrospective trust information gathering powers in s 59BAB were introduced for periods beginning after the end of the 2013-14 income year. 2. The Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Act 2022 amended s 59BA to exclude minor and incidental non-cash distributions from the information required to be included with any return and to also exclude foreign trusts required to file a return from having to provide the further information required by s 59BA(2).QB 22/01: Can a payment that compensates for the time value of money be taxable income if it is outside the statutory definition of "interest"?
Can a payment that compensates for the time value of money be taxable income if it is outside the statutory definition of "interest"?High Court dismisses Commissioner's application for an extension of time to issue challenge notice
The Commissioner applied and was granted leave to commence a proceeding under s 89(1B) of the TAA by way of originating application. She sought an order, in accordance with s 89L(2B), for an extension of time for issuing a challenge notice to Mr Parore. The Commissioner sought an extension of time because the civil tax disputes procedure she instituted was deferred in June 2018 while criminal proceedings against Mr Parore ran their course. The Commissioner submitted that this was an "exceptional circumstance" under s 89L(3) which prevented her from issuing a challenge notice to Mr Parore within the four-year time limit in s 89P.High Court confirms that forfeiture of criminal proceeds is not 'payment in lieu' of tax
Mr Li and his company, AA Taxation & Accounting Service Ltd ("AA Taxation") applied for three declaratory orders under Declaratory Judgment Act 1908 to vindicate their contention that the forfeiture of assets by Mr Li and his wife under the Criminal Proceeds (Recovery) Act 2009 ("CPRA") may be treated as ‘payment in lieu’ of tax.