TIB index based from the NZ Tax Information Bulletin - kwister.net
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03:15:43
29 Dec 2024
03:15:43
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
Revenue Alert: RA 14/01: DONATIONS TAX CREDIT - WHETHER PAYMENTS MADE TO A PRIVATE EDUCATION CENTRE OR CHILDCARE CENTRE ARE GIFTS AND THE DONOR ENTITLED TO A DONATIONS TAX CREDIT; WHETHER PAYMENTS ARE LIABLE TO GST
Many people make charitable donations each year and receive income tax credits accordingly. However, increasingly Inland Revenue is seeing situations where people are claiming tax credits for purported donations in situations where Inland Revenue considers the payments are not a gift as required by the law.FACTUAL REVIEW PROCESS
After consultation between Inland Revenue and interested taxpayer groups, a Factual Review process was agreed and implemented from 1 October 2012. The process was originally described in an article in the TIB Vol 25, No 2 (March 2013). The purpose of this article is to update the description of the process. The key change is that Factual Reviews will no longer be available in situations where an advance pricing agreement could be sought in the alternative.PUBLIC RULING BR PUB 14/01: INCOME TAX - AUSTRALIAN SOURCE INCOME EARNED BY AUSTRALIAN LIMITED PARTNERSHIP AND FOREIGN TAX CREDITS
These five reissued rulings deal with the ability of a New Zealand resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by the Australian limited partnership. The rulings are contained in a single document with a shared commentary. The rulings apply from the first day of the 2013–14 income year to the last day of the 2016–17 income year.PUBLIC RULING BR PUB 14/02: INCOME TAX - DISTRIBUTIONS MADE BY AUSTRALIAN LIMITED PARTNERSHIP AND FOREIGN TAX CREDITS
These five reissued rulings deal with the ability of a New Zealand resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by the Australian limited partnership. The rulings are contained in a single document with a shared commentary. The rulings apply from the first day of the 2013–14 income year to the last day of the 2016–17 income year.PUBLIC RULING BR PUB 14/03: INCOME TAX - DISTRIBUTIONS MADE BY AUSTRALIAN UNIT TRUST TO AUSTRALIAN LIMITED PARTNERSHIP AND FOREIGN TAX CREDITS
These five reissued rulings deal with the ability of a New Zealand resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by the Australian limited partnership. The rulings are contained in a single document with a shared commentary. The rulings apply from the first day of the 2013–14 income year to the last day of the 2016–17 income year.PUBLIC RULING BR PUB 14/04: INCOME TAX - FRANKED DIVIDEND RECEIVED BY AUSTRALIAN LIMITED PARTNERSHIP AND FOREIGN TAX CREDITS
These five reissued rulings deal with the ability of a New Zealand resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by the Australian limited partnership. The rulings are contained in a single document with a shared commentary. The rulings apply from the first day of the 2013–14 income year to the last day of the 2016–17 income year.PUBLIC RULING BR PUB 14/05: INCOME TAX - TAX PAID BY AN AUSTRALIAN LIMITED PARTNERSHIP AS A 'HEAD COMPANY' AND FOREIGN TAX CREDITS
These five reissued rulings deal with the ability of a New Zealand resident partner of an Australian limited partnership to claim foreign tax credits for Australian income tax and dividend withholding tax paid by the Australian limited partnership. The rulings are contained in a single document with a shared commentary. The rulings apply from the first day of the 2013–14 income year to the last day of the 2016–17 income year.COMMENTARY ON PUBLIC RULINGS BR PUB 14/01-14/05
This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in the five Public Rulings BR Pub 14/01-BR Pub 14/05 ('the Rulings').IS 14/03: INCOME TAX - CONSUMABLE AIDS
This statement updates and replaces the item 'Consumable aids to manufacture or production-what they are and when to claim as a deduction' published in Public Information Bulletin No 51 (September 1969): 11 and the item 'Consumable aids – deductibility of cost' published in Tax Information Bulletin Vol 7, No 4 (October 1995): 13. Both items deal with the income tax treatment of consumable aids.BUDGET 2014 TAX LEGISLATION
Two tax-related bills were introduced as part of Budget 2014. The Budget Measures (Financial Support for Newborn Children) Bill, and the Budget Measures (Miscellaneous Fiscal Matters) Bill were introduced under urgency on 15 May 2014.TAXATION (PARENTAL TAX CREDIT) ACT 2014
As part of a package of financial support for families with newborns, Budget 2014 increased the amount of the parental tax credit to $220 per week and extended the payment period to 10 weeksPARENTAL LEAVE AND EMPLOYMENT PROTECTION AMENDMENT ACT 2014
The Parental Leave and Employment Protection Amendment Act 2014 amends the Parental Leave and Employment Protection Act 1987. The Ministry of Business, Innovation and Employment is responsible for these Acts. Inland Revenue supports the administration of the paid parental leave provisionsCHEQUE DUTY REPEAL ACT 2014
The Cheque Duty Repeal Act 2014 has abolished cheque duty, with effect from 1 July 2014. Cheque duty is no longer payable on cheques printed or supplied by a bank to its customers. Cheque duty is also no longer payable on bills of exchange for which cheque duty has not been prepaid.INCOME TAX (FRINGE BENEFIT TAX, INTEREST ON LOANS) AMENDMENT REGULATIONS 2014
The prescribed rate of interest used to calculate fringe benefit tax on low-interest, employment-related loans is 6.13%, up from the previous rate of 5.90% which applied from the quarter beginning 1 April 2011.PRIVACY (INFORMATION SHARING AGREEMENT BETWEEN INLAND REVENUE AND New Zealand POLICE) ORDER 2014
The Privacy (Information Sharing Agreement between Inland Revenue and New Zealand Police) Order 2014 approves a new information-sharing agreement between Inland Revenue and the New Zealand Police.2014 REVIEW OF THE COMMISSIONER'S MILEAGE RATE FOR EXPENDITURE INCURRED FOR THE BUSINESS USE OF A MOTOR VEHICLE
The Privacy (Information Sharing Agreement between Inland Revenue and New Zealand Police) Order 2014 approves a new information-sharing agreement between Inland Revenue and the New Zealand Police.QB 14/04: INCOME TAX - DEPRECIATION ROLL-OVER RELIEF FOR CANTERBURY
How does the formula in s EZ 23B(4) allocate the excess recovery amount when an item of affected property is replaced with one or more items of replacement property? Answer The formula determines how much of the excess recovery amount is to be allocated against the cost of a particular replacement item.QB 14/05: INCOME TAX - ASC RULES - CALCULATING THE 'SUBSCRIPTIONS' AMOUNT FOR AN AMALGAMATED COMPANY WHEN THE SHARES OF AN AMALGAMATING COMPANY ARE HELD BY ANOTHER AMALGAMATING COMPANY
We have been asked whether s CD 43(15)(a)(ii) excludes an amount equal to the consideration received for shares issued by an amalgamating company that are directly or indirectly held by another amalgamating company from the 'subscriptions' amount for an amalgamated company in the available subscribed capital (ASC) formula in s CD 43(1).EVASION SHORTFALL PENALTIES
The Taxation Review Authority ('TRA') found that the disputant was subjectively reckless because, with full appreciation of the risks, he made a conscious decision to understate his income and advanced his own interpretation of the tax legislation. The disputant was found liable for evasion shortfall penalties.RECONSTRUCTION UNDER THE 'DIVIDEND STRIPPING' PROVISION UPHELD
The Taxation Review Authority ('TRA') upheld the Commissioner of Inland Revenue's ('the Commissioner's') assessment to reconstruct the disputants' income under section GB 1(3) of the Income Tax Act 2004