TIB index based from the NZ Tax Information Bulletin - kwister.net
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14:53:37
04 Apr 2025
14:53:37
04 Apr 2025
TIB index based from the NZ Tax Information Bulletin - kwister.net
PRODUCT RULING – BR PRD 16/03
The Arrangement is the redemption of Fly Buys points for a contribution to a KiwiSaver account in a KiwiSaver scheme that Bank of New Zealand (the Bank) has established (the BNZ KiwiSaver Scheme). Under an agreement between the Bank and Loyalty New Zealand Limited (Loyalty NZ), persons who are members of the Fly Buys loyalty programme will be able to request the redemption of their Fly Buys points for a contribution to their own, or another person's, member's account in the BNZ KiwiSaver Scheme.PRODUCT RULING – BR PRD 16/05
The Arrangement is the offering of retail discounts and a points based reward scheme to the three categories of members of a scheme offered by Sovereign Services Limited (Sovereign). The number of reward points determines the amount of each member's 'cash back reward' and 'gym cash back voucher'. Cash back rewards are between $50 - $100 and gym cash back vouchers are between $25 - $50. The retail discounts are offered to all members irrespective of the number of reward points earned by the memberTAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016
The new legislation introduces a new framework for communications between Inland Revenue and taxpayers, provides for PAYE to be deducted from employee share scheme benefits and makes several other amendments to tax administration and information-sharing provisions. At the Committee of the Whole stage of the bill, Supplementary Order Paper No 171 introduced changes for the continued application of the now repealed Canterbury Earthquake Recovery Act 2011 for tax purposes in certain situations.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - SIMPLIFYING THE COLLECTION OF TAX ON EMPLOYEE SHARE SCHEMES
The Income Tax Act 2007 and Tax Administration Act 1994 have been amended by integrating employment income in the form of employee share benefits into the PAYE (pay as you earn) system.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - ELECTRONIC COMMUNICATIONS - CHANGES TO THE COMMUNICATIONS FRAMEWORK
The amendments remove references throughout the Income Tax Act 2007, the Goods and Services Tax Act 1985 and the Tax Administration Act 1994 that restrict interaction between taxpayers and Inland Revenue to paper-based transactions. In addition, where legislation requires the Commissioner, a taxpayer or a third party to ask, request, inform, apply or notify, these verbs have been defined to allow a freer interpretation of how those actions are to be undertaken when communicating on tax matters.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - KIWISAVER MEMBERSHIP - KIWISAVER – INFORMATION SHARING
The amendments seek to simplify the administration of the KiwiSaver scheme rules under the KiwiSaver Act 2006 by allowing Inland Revenue and KiwiSaver fund providers to share certain information about KiwiSaver members for account maintenance purposes.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - FIF EXEMPTION SIMPLIFICATION FOR ASX
The new Act amends the exemption contained in section EX 31 of the Income Tax Act 2007, which operates to exclude certain share investments listed on the Australian Stock Exchange (ASX) from attribution under the foreign investment fund (FIF) rules.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - SUPPORTING CO-LOCATION
To increase efficiency in the delivery of government services and to achieve cost reductions across the public service, government agencies are increasingly co-locating their staff and services.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - SPECIAL TAX CODES
Legislative amendments have been made to enable the Commissioner to provide special tax code certificates directly to the Ministry of Social Development instead of providing the certificate to the recipient of New Zealand Superannuation or a veteran's pension and requiring them to send it on to the Ministry.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - ALLOWING DEDUCTIONS TO BE MADE FROM WAGES OR SALARY
The amendments allow Inland Revenue to require an employer to make additional deductions from an employee's salary or wages when the employee has defaulted on tax, child support, gaming duty or student loan repayment obligations, even when Inland Revenue does not hold a valid address for the employee.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - EXEMPTIONS FROM REQUIREMENT TO APPLY FOR CHILD SUPPORT
Section 9 of the Child Support Act 1991 has been amended to exempt some social security beneficiaries from the compulsory requirement to apply for child support. The grounds for exemption include: when there is insufficient evidence to establish paternity, there is risk of violence, or similar compelling circumstances to warrant an exemption.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - CHANGES TO PERSONAL TAX SUMMARY REFUND THRESHOLDS
When a salary or wage earner (not a business taxpayer) needs an end-of-year assessment, they are issued (or can request) a personal tax summary (PTS). If the result is a refund, they can confirm the PTS and the refund will be issued. Under the previous legislation if the refund was less than $200 and they did not confirm their PTS, the refund would be released automatically after 30 days. The new legislation reduces the time delay and increases the threshold so credits will be released 15 days after the PTS is issued if the refund is less than $600.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - CHANGES TO RULINGS REGIME
The purpose of the binding rulings regime is to provide certainty on a tax position for a taxpayer. The amendments remove some unnecessary restrictions on Inland Revenue's ability to provide a binding ruling and some unnecessary compliance costTAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - REPEAL OF SPECIAL HOME OWNERSHIP ACCOUNT PROVISIONS
The amendment repeals the obsolete special home ownership account provisions in the Income Tax Act 2007 and the Tax Administration Act 1994. This allows an account to be closed without paying the withdrawal tax that would otherwise have applied.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - TAX SECRECY AND SOFTWARE PROVIDERS
The secrecy rule contained in section 81 of the Tax Administration Act 1994 has been amended to facilitate digital communication between Inland Revenue and taxpayers via a third party software package such as an accounting package.TAXATION (TRANSFORMATION: FIRST PHASE SIMPLIFICATION AND OTHER MEASURES) ACT 2016 - REMEDIAL MATTERS - CONSEQUENTIAL TAX AMENDMENTS RESULTING FROM THE GREATER CHRISTCHURCH REGENERATION ACT 2016
The amendments provide for the continuing but limited application of the Canterbury Earthquake Recovery Act 2011 (which was repealed by the Greater Christchurch Regeneration Act 2016) for the purposes of a number of provisions in the Income Tax Act 2007 and the Tax Administration Act 1994.DETERMINATION FDR 2016/04: A TYPE OF ATTRIBUTING INTEREST IN A FOREIGN INVESTMENT FUND FOR WHICH A PERSON MAY NOT USE THE FAIR DIVIDEND RATE METHOD (BLACKROCK GLOBAL FUNDS WORLD BOND FUND)
Shares in BlackRock Global Funds (BGF), a public limited company established under the laws of Luxembourg to which this determination applies, are an attributing interest in a foreign investment fund (FIF) for New Zealand resident investors. BGF is structured as an umbrella fund with segregated liability between sub-funds. Those sub-funds, whilst economically separate, do not have a separate legal personalitySPS 16/03: NOTIFICATION OF A PENDING AUDIT OR INVESTIGATION
This statement sets out the Commissioner's practice for notifying taxpayers of a pending audit or investigation or advising them that one has begun. For many taxpayers, notification of an audit will be by letter without any prior contact by Inland Revenue on the matter.INCOME TAX - DONEE ORGANISATIONS AND GIFTS
The purpose of this QWBA is to provide guidance about when a donee organisation may issue a donation receipt for payments made to them by individual supporters. The QWBA includes some examples of common fundraising activities.WITHDRAWAL OF SPS INV-225 CRIMINAL OFFENCE - EVASION OR SIMILAR OFFENCES
Standard Practice Statement ('SPS') INV-225 issued in March 1998 and published in Tax Information Bulletin Vol 10 No 3 has been withdrawn, effective immediately.COMMISSIONER NOT REQUIRED TO DISCLOSE DOCUMENTS EXCHANGED UNDER DOUBLE TAX AGREEMENT
The High Court found that the disclosure of documents exchanged between tax authorities pursuant to a Double Tax Agreement is governed by s 81 of the Tax Administration Act 1994 ('TAA'). The High Court confirmed the Commissioner of Inland Revenue ('the Commissioner') was not required to disclose such documents to the applicant in relation to judicial review proceedings.PARTIES MUST BE REPRESENTED BY A BARRISTER OR SOLICITOR OF THE HIGH COURT; OPEN JUSTICE PRINCIPLES PREVAIL
The High Court found that a company has to be represented by a barrister and solicitor of the High Court. The Court also confirmed that there is no specific provision in the High Court Rules relating to name suppression and that the principle of open justice works in New Zealand.HIGH COURT UPHOLDS TRA'S FINDING THAT NO MANAGEMENT SERVICES WERE PROVIDED BY HONK LAND LIMITED TO HONK LAND TRUST
This decision confirms the judgment of the TRA, and in particular the correctness of its factual finding that the management services were not actually provided by HLL to the Trust. There was no need for the High Court to consider whether or not the payment of the fee formed part of or constituted a void tax avoidance arrangement that was appropriately reconstructed by the Commissioner of Inland Revenue ('the Commissioner') but the High Court indicated (such indication is obiter) that it was.QUEENSTOWN AIRPORT'S EASTERN RUNWAY SAFETY AREA FOUND NOT TO BE DEPRECIABLE UNDER THE INCOME TAX ACT 2007
The Court dismissed Queenstown Airport Corporation Limited's tax challenge and confirmed the Commissioner of Inland Revenue's ('the Commissioner') view that the eastern runway and safety area ('East RESA') was not depreciableMICHAEL HILL'S INCONSISTENCY CHALLENGE STRUCK OUT ON APPEAL
The Commissioner of Inland Revenue ('the Commissioner') successfully appealed the High Court's decision to refuse to strike out Michael Hill's inconsistency cause of action.