TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
14:42:05
04 Apr 2025
14:42:05
04 Apr 2025
TIB index based from the NZ Tax Information Bulletin - kwister.net
Order in Council – Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022
The Taxation (Use of Money Interest Rates) Amendment Regulations (No2) 2022 Order in Council was made on 15 August 2022. The Order changes the use of money interest (UOMI) rate on underpayments of taxes and duties in line with market interest rates. The new underpayment rate is 7.96% (previously 7.28%). The new overpayment rate is 1.22% (previously 0%).Order in Council – Tax Administration (August Flood Events) Order 2022
The Tax Administration (August Flood Events) Order 2022 was made on 29 August 2022 and came into force on 30 August 2022. The Order declares the August flood events to be emergency events for the purpose of section 183ABA of the Tax Administration Act 1994. This section allows the Commissioner to remit use-of-money interest payable on late tax payments following emergency events.Order in Council – Tax Administration (Extension of Notification Deadline for Research and Development Tax Credits) Order 2022
The Tax Administration (Extension of Notification Deadline for Research and Development Tax Credits) Order 2022 was made on 29 August 2022 and came into force on 1 September 2022. The Order extends the deadline for making a section 68CB(1)(d) notification for the 2021–22 income year until 30 April 2023.Order in Council – The Tax Administration (COVID-19 Response Variations) Order 2022
The Tax Administration (COVID-19 Response Variations) Order 2022 came into force on 30 September 2022. The Order extends the application of section 6I of the Tax Administration Act 1994 from 1 October 2022 until 30 September 2023.BR Prd 22/04: Sustainable Mobility Limited (trading as Zilch)
The Arrangement is the provision of access to a fleet of primarily electric vehicles by Zilch to a business customer under the terms of a Master Services Agreement (MSA) and a schedule to that agreement (the Services Schedule). The MSA and Services Schedule allow for the short-term rental of vehicles within that fleet by the business customer through a bespoke business booking portal in consideration for a monthly subscription fee. In addition, employees of the business customer may use the vehicles for private purposes in consideration for paying Zilch a price equal to the price Zilch charges a member of the public, subject to a discount of up to 15%.BR Prd 22/09: Westpac New Zealand Limited
The Arrangement is a mortgage offset arrangement pursuant to which Westpac customers can elect to use the balance of eligible Westpac transaction and savings accounts to offset against home loan accounts in order to reduce interest payable on those home loan accounts (Choices Offset Arrangement).QB 22/06: Deductibility of overseas travel expenses
Income tax deductions can be claimed for overseas travel costs (other than meal costs) but only to the extent that they have a connection with deriving assessable income or carrying on a business. Income tax deductions cannot be claimed for any part of the costs that are of a private or domestic nature, of a capital nature, or incurred in deriving exempt income or income from employment. If the costs need to be apportioned between deductible and non-deductible amounts, then this must be done on a basis that is reasonable in the circumstances.QB 22/07: Income Tax and Goods and Services Tax - Treatment of bloodstock breeding
We have been asked to consider how the bloodstock provisions apply where a person is purchasing their first horse with a view to breeding it for profit in the future. In the meantime, they will race the horse for several years to try to improve its breeding valueTaxation Review Authority reconfirms that backdated ACC weekly compensation is taxed in the year of receipt; s 9 of the NZBORA does not support the Disputant's position
The Disputant challenged her income tax assessment for the year ended 31 March 2017 (“the Period in Dispute”). The Accident Compensation Corporation (“ACC”) made a gross payment of $363,808.36 (“the ACC Weekly Compensation Payment”) to the Disputant in the Period in Dispute. The Commissioner of Inland Revenue (“the Commissioner”) taxed the entire ACC Weekly Compensation Payment in the Period in Dispute, when the Disputant received it.High Court reconfirms that backdated ACC weekly compensation is taxed in the year of receipt
In November 2017, the Accident Compensation Corporation (“ACC”) made a gross payment of $188,386.95 (“the ACC Weekly Compensation Payment”) to Ms Hoeberechts. The Commissioner of Inland Revenue (“the Commissioner”) assessed $150,000 of that amount as taxable on a cash basis and taxed the amount in the tax period when Ms Hoeberechts received it, namely the year ended 31 March 2018 (“the Period in Dispute”). On 1 October 2021, the Taxation Review Authority (“the Authority”) dismissed Ms Hoeberechts challenge to her income tax assessment for the Period in Dispute.