TIB index based from the NZ Tax Information Bulletin - kwister.net
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14:52:35
04 Apr 2025
14:52:35
04 Apr 2025
TIB index based from the NZ Tax Information Bulletin - kwister.net
SL2023/0048 – Order in Council – Tax Administration (Extension of Due Dates) Order 2023
The Tax Administration (Extension of Due Dates) Order 2023 was made on 11 April 2023 and came into force on that day. The Order extended the time for taxpayers to meet two statutory time frames: - Make a payment of income derived by a trustee of a trust in the income year to a beneficiary of the trust in the income year in order for the income to be treated as beneficiary income, and - Write off a debt as bad in the income year in order for a deduction to be made available to them in the tax yearOS 23/01: When employee allowances for additional transport costs for home to work travel are exempt from income tax
This Statement covers when employee allowances for additional transport costs for home to work travel are exempt from income tax under s CW 18.OS 19/04 (KM 2023) Kilometre rates for the business use of vehicles for the 2023 income year
In accordance with s DE 12(4) the Commissioner is required to set and publish kilometre rates. These rates can be used to calculate expenditure claims for the business use of a motor vehicle. They may also be used by employers as a reasonable estimate for reimbursement of expenditure incurred by employees for the use of a private motor vehicle for business purposes. More information is available on the Inland Revenue website www.ird.govt.nz/ (search keywords "claiming vehicle expenses").2023 Consumer Price Index adjustment to standard-cost amounts for household services (childcare, boarding services or short-stay accommodation)
In accordance with Section 91AA of the Tax Administration Act 1994, the Commissioner advises adjustments have been made to the standard-cost amounts for the 2023 income year (1 April 2022 to 31 March 2023)2023 Adjustment to the Square Metre Rate amount
In accordance with Section DB 18AA of the Income Tax Act 2007, the Commissioner advises that the square metre rate for the 2023 income year (1 April 2022 to 31 March 2023) is set at $51.05. The amount reflects the most recent Household Economic Survey utility costs sourced from Statistics New Zealand (in 2019) adjusted annually for inflation, with the annual movement of the Consumers Price Index for the twelve months to March 2023, being 6.7%.IS 23/02: Income tax – Application of the s CZ 39 5 year bright-line test to certain family and close relationship transactions
This interpretation statement considers the requirements of the 5 year bright-line test for residential land in s CZ 39 of the Income Tax Act 2007 and how it applies to certain family and close relationship transactions. Those family and close relationship transactions are when the ownership of residential land (that is not a main home) changes from:IS 23/03: GST – Section 58: Specified agents of incapacitated persons, and mortgagees in possession
This Interpretation Statement considers the application of section 58 of the Goods and Services Tax Act 1985. Section 58 covers the GST implications where there is a specified agent of an incapacitated person or a mortgagee is in possession of land or property of a mortgagorQB 23/05: Provisional tax – impact on salary or wage earners who receive a one-off amount of income without tax deducted
What are the provisional tax implications when a person earning salary or wages subject to PAYE receives a one-off amount of income without any tax withheld and their residual income tax (RIT) is over $5,000?TDS 23/04: Losses carried forward and debt remission income
subjects: Losses carried forward; shareholder continuity breach; Assessability of debt remission income; Liability for shortfall penalty for taking an unacceptable tax positionTDS 23/05: In-specie distribution of assets upon winding-up of a unit trust
Subjects: Income Tax: dividend; in-specie distribution of assets; winding-up of unit trust; on the liquidation of a companyTDS 23/06: Deductibility of payment to settle legal proceedings
Subjects: Deduction from assessable income; payment for settlement of legal proceedingsTDS 23/07: Whether expenditure to resolve weathertightness issues is deductible
Subjects: Income tax: capital limitation; repairs and maintenance; weathertightness repairs.