TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:14:47
29 Dec 2024
03:14:47
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
Product ruling BR Prd 15/02: New Zealand Maori Arts & Crafts Institute Scholarship
This product ruling applies to the New Zealand Maori Arts & Crafts Institute's payment of a scholarship by the Institute to students enrolled in the canoe (waka) building school known as Te Wananga a Kupe Mai Tawhiti (Te Wananga a Kupe).TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015
The Taxation (Land Information and Offshore Persons Information) Bill introduced on 22 June 2015 contained changes to help Inland Revenue enforce the tax rules around property. The changes are part of a package of measures announced by the Government in Budget 2015, to strengthen the rules around the taxation of property.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - NEW INFORMATION REQUIREMENTS TO IMPROVE TAX COMPLIANCE IN THE PROPERTY INVESTMENT SECTOR
New measures in the Land Transfer Amendment Act 2015 and the Tax Administration Amendment Act 2015 require transferors and transferees of land to provide certain tax information, including a New Zealand IRD number, when land is transferred unless an exemption applies to them.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Supplying information when transferring land
Section 156B provides that all transferors and transferees of real property who are transferring a 'specified estate in land' must provide a 'tax statement' before the transfer can be registered. The tax statement must be provided to LINZ, or to a certifier who will provide it to LINZ, in accordance with existing conveyancing processes as specified in section 156B(2) and (3).TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Mixed-use properties
When a property is used as both a main home and for other commercial, investment or farming purposes, the main home information exemption will be available if most of the land is used for the home. When less than 50 percent of the property is used for the main home of the person, the main home exception will not apply.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Mixed-use properties
When a property is used as both a main home and for other commercial, investment or farming purposes, the main home information exemption will be available if most of the land is used for the home. When less than 50 percent of the property is used for the main home of the person, the main home exception will not apply.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Time at which test is applied
The time that the test should be applied is at the date of transfer. Occasionally this will mean that a person can use the main home information exemption for two properties sold at the same time.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - OFFSHORE PERSONS
Section 156A(2)(b)(iv) will provide that the main home exemption is not available to 'offshore persons' (defined in section 3 of the Tax Administration Act 1994).TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - TRUSTS
If the property being transferred was or will be trust property, section 156A(2)(b)(i) and (ii) provides that the main home information exception cannot be usedTAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Persons selling their main home a third time within two years
Section 156A(2)(b)(iii) provides that a person who has transferred their main home at least twice in the past two years must provide their IRD number (and foreign equivalent of an IRD number and country code, if applicable) if they transfer their main home a third time within that two-year period.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Mortgagee sales
Where a transfer is the result of a mortgagee sale, a rating sale under the Local Government (Rating) Act 2002, a court-ordered or statute-ordered sale, the transferor does not need to provide an IRD number.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Transfers from executors
In the case of death, the executors of the person's estate are exempted from the requirement to provide an IRD number.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - Public and local authorities
In the case of death, the executors of the person's estate are exempted from the requirement to provide an IRD number.TAX ADMINISTRATION AMENDMENT ACT 2015 AND LAND TRANSFER AMENDMENT ACT 2015 - New Zealand bank account requirement
Section 24BA(1) of the Tax Administration Act 1994 provides that the Commissioner must not allocate a tax file number (commonly known as an IRD number) to an offshore person unless she first receives a bank account number for that person.QB 15/08: INCOME TAX - TAX TREATMENT OF ALLOWANCES PAID TO CHAINSAW OPERATORS
This item replaces the items 'Allowances for Chain Saw Operators' (Public Information Bulletin No 89, January 1977) and 'Chainsaw Reimbursing Allowances' (Public Information Bulletin No 175, July 1988). They were identified as being out of date and needing to be replaced during a review of Public Information Bulletins and Tax Information Bulletins published before 1996.QB 15/09: INCOME TAX - INSURANCE - PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE'S BEHALF
This Question We've Been Asked (QWBA) considers the income tax treatment of personal sickness or accident insurance policies. Some personal sickness or accident insurance policies include elements of income protection insurance. There are specific provisions in the Act that apply only to income protection insurance, so income protection insurance may have a different tax treatment to other personal sickness or accident insurance.QB 15/10: INCOME TAX - INSURANCE - PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYER FOR THE BENEFIT OF AN EMPLOYEE
This Question We've Been Asked (QWBA) considers the income tax treatment of personal sickness or accident insurance policies. Some personal sickness or accident insurance policies include elements of income protection insurance. There are specific provisions in the Act that apply only to income protection insurance, so income protection insurance may have a different tax treatment to other personal sickness or accident insuranceQB 15/11: INCOME TAX - SCENARIOS ON TAX AVOIDANCE - 2015
At a tax conference in 2014, a panel discussed whether s BG 1 would apply to certain scenarios. Inland Revenue was invited to provide comment on the scenarios and did so as part of that panel discussion. Given that discussion, and the view that the scenarios would be of interest to a wider audience, the scenarios have been used as the basis of this Question We've Been Asked (QWBA).QB 15/11: INCOME TAX - SCENARIOS ON TAX AVOIDANCE - 2015 SCENARIO 1 - USE OF A LIMITED PARTNERSHIP
Categories: limited-partnership, tax-avoidanceQB 15/11: INCOME TAX - SCENARIOS ON TAX AVOIDANCE - 2015 SCENARIO 2 - INTEREST DEDUCTIONS AND USE OF A PORTFOLIO INVESTMENT ENTITY
Categories: interest-deductions, investment-portfolio, limited-partnership, tax-avoidanceQB 15/11: INCOME TAX - SCENARIOS ON TAX AVOIDANCE - 2015 SCENARIO 3 - USE OF A DISCRETIONARY TRUST
Categories: discretionary-trust, tax-avoidanceQB 15/12: DEPRECIATION TREATMENT FOR 'BUILDINGS WITH PREFABRICATED STRESSED-SKIN INSULATION PANELS'
Categories: building, depreciation, insulation, prefabricatedGENERAL DEPRECIATION DETERMINATION DEP96: OIL/GAS EQUIPMENT USED TO EVALUATE, REPAIR OR STIMULATE EXISTING WELLBORES
Categories: depreciationDETERMINATION CFC 2015/01: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (TOWER INSURANCE LIMITED)
Categories: cfc, depreciation, insuranceDETERMINATION CFC 2015/02: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (TOWER INSURANCE LIMITED)
Under sections CQ 2(1)(h) and DN 2(1)(h) of the Income Tax Act 2007, subject to sections CQ 2(2B) and DN 2(2), no attributed CFC income or loss arises from a CFC that is a non-attributing active CFC under section EX 21B of the Income Tax Act 2007.DETERMINATION CFC 2015/03: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (TOWER INSURANCE LIMITED)
Under sections CQ 2(1)(h) and DN 2(1)(h) of the Income Tax Act 2007, subject to sections CQ 2(2B) and DN 2(2), no attributed CFC income or loss arises from a CFC that is a non-attributing active CFC under section EX 21B of the Income Tax Act 2007.DETERMINATION CFC 2015/04: NON-ATTRIBUTING ACTIVE INSURANCE CFC STATUS (TOWER INSURANCE LIMITED)
Under sections CQ 2(1)(h) and DN 2(1)(h) of the Income Tax Act 2007, subject to sections CQ 2(2B) and DN 2(2), no attributed CFC income or loss arises from a CFC that is a non-attributing active CFC under section EX 21B of the Income Tax Act 2007.SPECIAL DETERMINATION S27A: CONVERTIBLE NOTES IN RESPECT OF A LIMITED PARTNERSHIP INTEREST
This determination varies and replaces Special Determination S27: Convertible Notes in respect of a limited partnership interest following a change of partners in the limited partnership. This determination relates to the subordinated convertible notes (Convertible Notes) issued by the Holding Partnership to Limited Partner A which will convert to a 45% partnership interest at a single or several nominated dates in the future to match the partnership contributions by Limited Partner B and some of the partnership contributions by Limited Partner C.SPECIAL DETERMINATION S28A: APPLICATION OF THE FINANCIAL ARRANGEMENTS RULES TO THE D&C PHASE IN A PUBLIC-PRIVATE PARTNERSHIP
This determination varies and replaces Special Determination S28: Application of the financial arrangements rules to the D&C Phase in a public-private partnership following a change of partners in the limited partnership. This determination relates to an arrangement (the Project) involving the finance, design, construction and on-going provision of operation and maintenance services in respect of the Facility by a limited partnership(the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown.SPECIAL DETERMINATION S29A: APPLICATION OF THE FINANCIAL ARRANGEMENTS RULES TO A PUBLIC-PRIVATE PARTNERSHIP
This determination varies and replaces Special Determination S29: Application of the financial arrangements rules to a public-private partnership following a change of partners in the limited partnership. This determination relates to an arrangement (the Project) involving the finance, design, construction and on-going provision of operation and maintenance services in respect of the Facility by a limited partnership (the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown.SPECIAL DETERMINATION S41: APPLICATION OF THE FINANCIAL ARRANGEMENTS RULES TO A PUBLIC-PRIVATE PARTNERSHIP AGREEMENT
This determination relates to an arrangement (the Project) involving the finance, design, construction and on-going provision of asset management and facilities maintenance services in respect of a prison (the Facility) by a limited partnership (the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown. The Holding Partnership will be the sole limited partner in the Partnership, holding 100% of the Partnership. The sole limited partner in the Holding Partnership will be Investor Limited Partner, a limited partnership with multiple limited partners, some of whom are exempt from income tax.SPECIAL DETERMINATION S42: APPLICATION OF THE FINANCIAL ARRANGEMENTS RULES TO THE D&C PHASE OF A PUBLIC-PRIVATE PARTNERSHIP AGREEMENT
This determination relates to an arrangement (the Project) involving the finance, design, construction and on-going provision of asset management and facilities maintenance services in respect of a prison (the Facility) by a limited partnership (the Partnership) under a public-private partnership agreement (the Project Agreement) with the Crown. The Holding Partnership will be the sole limited partner in the Partnership, holding 100% of the Partnership. The sole limited partner in the Holding Partnership will be Investor Limited Partner, a limited partnership with multiple limited partners, some of whom are exempt from income tax.FOREIGN CURRENCY AMOUNTS - CONVERSION TO NEW ZEALAND DOLLARS (FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2015)
This article provides the exchange rates acceptable to Inland Revenue for converting foreign currency amounts to New Zealand dollars under the controlled foreign company ('CFC') and foreign investment fund ('FIF') rules for the six months ending 30 September 2015.FIVE YEARS ON FOR FACILITATED CONFERENCES
While those familiar with working through disputes with Inland Revenue may be aware of the opportunity for a facilitated conference, many will not. Facilitation of tax disputes conferences was introduced five years ago. It is a form of Alternative Dispute Resolution (ADR) and its introduction followed discussions with the New Zealand Law Society and the New Zealand Institute of Chartered Accountants on their joint submission to the Minister of Revenue recommending reforms to the disputes resolution and challenge procedures.STRIKE-OUT GRANTED
The Commissioner of Inland Revenue ('the Commissioner') applied to strike-out these proceedings on the grounds that they were brought solely for the purposes of delay. The Commissioner's application was granted subject to the disputants' tax agent complying with certain conditions stipulated in the Taxation Review Authority's ('the Authority') ruling of 17 July 2015.APPLICATION TO SET ASIDE BANKRUPTCY NOTICE DECLINED
The High Court declined Mr Russell's application for approval of payment terms of $1,000 per week. Accordingly, the High Court declined to set aside the bankruptcy notice issued to Mr Russell by the Commissioner of Inland Revenue ('the Commissioner').BUSINESS CEASED AND NO NEXUS WITH INCOME-EARNING ACTIVITIES
The taxpayer, AAA Developments (Ormiston) Ltd ('AAA'), was a property developer that entered into a sale and purchase agreement to purchase a parcel of land for a retail and residential development and paid a series of deposits. Issues arose between AAA and the vendor, with both trying to walk away from the agreement.