TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:37:29
29 Dec 2024
03:37:29
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
COV 20/01: Variation to section HB 13(3)(b) 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: For an election to be an LTC (look-through company) for the 2019 income year for a company to which s HB 13(3)(b) of the Income Tax Act 2007 applies, the deadline by which that election must be received by the Commissioner is extended to include an election received by the Commissioner on or before 30 June 2020.COV 20/02: Variation to section EI 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: Under s EI 1 of the Income Tax Act 2007, for a person to allocate timber income derived in an income year ending on a date between 25 March 2019 and 31 May 2019 to any one or more of the person's previous three income years, the date the application in writing must be received by the Commissioner is extended to 31 July 2020COV 20/03: Variation of the application of s 15D(2) Goods and Services Tax Act 1985 to extend time to make an application to change GST taxable period
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation, to enable a change from 6-month to 1-month taxable periods to take effect earlier: Regarding the 6-month GST taxable period ending on 31 March 2020, this period is extended to 30 June 2020 by s 6I(1)(a)(iii) of the TAA but only for making the election to change a person's taxable period to 1 month. This means that an election made before 30 June 2020 to change from a 6-month taxable period to a 1-month taxable period will take effect, under s 15D(2) of the Goods and Services Tax Act 1985, from 1 April 2020.COV 20/04: Variation in relation to s DB 31 Income Tax Act 2007 to extend time for writing off bad debts
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: For the 2020 income year, the timeframe by which a debt must be written off as bad in order for a deduction to be available in that income year is extended to 30 June 2020.COV 20/05: 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, 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 2019 income year, on or before the date that is 365 days after a person's terminal tax date for the 2019 tax year.National Average Market Values of Specified Livestock Determination 2020
This determination may be cited as 'The National Average Market Values of Specified Livestock Determination, 2020'. This determination is made in terms of section EC 15 of the Income Tax Act 2007 and shall apply to specified livestock on hand at the end of the 2019-2020 income year.SPS 20/03: Requests to amend assessments
This determination may be cited as 'The National Average Market Values of Specified Livestock Determination, 2020'. This determination is made in terms of section EC 15 of the Income Tax Act 2007 and shall apply to specified livestock on hand at the end of the 2019-2020 income year.IS 20/02: Goods and services tax - supplies by New Zealand hunting outfitters and taxidermists to overseas hunters
This Interpretation Statement considers the GST treatment of supplies made by New Zealand hunting guides or outfitters and taxidermists to overseas hunters. It explains which supplies of goods and services made to overseas hunters are Standard-rated and which are zero-rated for GST purposes. This Interpretation Statement replaces three earlier public statements the Commissioner made on GST and hunting and taxidermy supplies to overseas hunters:IS 20/03: Income tax - sections GB 3B and GB 4 of the Income Tax Act 2007 - temporary loss carry-back regime
The focus of this statement is to set out the Commissioner's view of the application of the specific anti-avoidance provisions (ss GB 3B and GB 4) relevant to the temporary loss carry-back regime (s IZ 8). The regime allows a business to carry-back losses to a prior income year and receive a refund of tax paid.IS 20/04: Goods and services tax: GST treatment of short-stay accommodation
This statement discusses the GST treatment of short-stay accommodation provided on peer-to-peer websites such as Airbnb, Bookabach and Holiday Houses. In this statement, 'short-stay accommodation' means accommodation provided for less than four weeks. The focus of this statement is where a host offers accommodation to the guest in either the host's home (and they might list a room, a sleepout or the entire property) or holiday home. The statement also covers short-stay accommodation provided in a property exclusively used for that purpose. Short-stay accommodation might be for the purposes of a holiday, to visit family or friends, to attend a special event or when travelling away on business. Short-stay accommodation is not intended to cover accommodation provided to residential tenants, boarders, students or care home residents.CS 20/02: Trophy hunting and the GST treatment of the 'Trophy Fee'
The Commissioner has released an Interpretation Statement (IS 20/02) (the Interpretation Statement) setting out her interpretation of how the Goods and Services Tax Act 1985 applies to supplies made by New Zealand hunting outfitters and taxidermists to overseas hunters who hunt trophy animals in New Zealand. Typically, when an outfitter provides a New Zealand hunting package to an overseas hunter, and as part of that package the outfitter provides souvenir animal parts or a hunting souvenir for export, the outfitter makes two separate GST supplies to the hunter.CSUM 20/04: Court of Appeal decides that payments made in support of overseas mission services qualify for tax credits
The Court of Appeal found that the High Court Judge was correct when she concluded that payments made by a missionary's sibling and other more distant relatives, as well as unrelated members of the Church of Jesus Christ of Latter-Day Saints ('the Church') were gifts for the purposes of s LD 1(1) of the Income Tax Act 2007 ('the Act'). The Court of Appeal found that the High Court Judge erred in concluding payments made by a missionary, their parents, guardians or grandparents were not gifts. The Court of Appeal determined these payments were also gifts, making the payors eligible for donation tax credits.CSUM 20/05: Taxpayer ordered by Court of Appeal to pay increased security for costs
In the underlying substantive matter, the appellant, Mr John Alfred Dowden ('Mr Dowden'), appealed the High Court decision that he is liable for unpaid PAYE, GST and income tax for the period from April 2003 to November 2011 in respect of two businesses conducted by him. Mr Dowden applied for an order dispensing with security for costs for the appeal (which the Court of Appeal (Civil) Rules set at $7,060). The Commissioner of Inland Revenue ('the Commissioner') cross-applied for an order increasing security for costs by $2,500 to $9,560. The Deputy Registrar declined Mr Dowden's application and granted the Commissioner's application. Mr Dowden then applied for review of the Deputy Registrar's decision, which the Court of Appeal upheld