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IS 16/03: Tax residence

The analysis in this Interpretation Statement is in three parts. The first part (from [17]) deals with the rules governing the residence of natural persons (individuals), and discusses the relationship between those rules and the residence articles contained in New Zealand's double taxation agreements (DTAs). It also discusses the transitional resident rules. The second part (from [290]) explains the residence rules for companies. It also explains the consequences of a company being a dual resident, and briefly discusses the relationship of the company residence rules to the controlled foreign company (CFC) regime. The final part (from [414]) of this Interpretation Statement deals with residence and the taxation regime for trusts.

Categories:  company,   controlled-foreign-company-(cfc),   double-taxation-agreement,   permanent-place-of-abode,   residency,   residency-183-day-rule,   residency-325-day-rule,   residency-beneficiary-residence,   residency-changes-in-residence,   residency-day-count-rule,   residency-dual-resident-companies,   residency-permanent-place-of-abode,   residency-relevance-of-double-taxation-agreements,   residency-residence-and-trusts,   residency-residence-of-foreign-companies,   residency-residence-of-natural-persons-(individuals),   residency-trustee-residence,   trust  

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Commissioner's operational position relating to the application of IS 16/03

As a result of the Commissioner's updated position, there may be some situations in which the application of IS 16/03 gives a different result from the application of the Interpretation Statement it replaces – IS 14/01. As the legal analysis in IS 16/03 represents the correct view of the law, taxpayers can ask Inland Revenue to apply the analysis contained in IS 16/03 to tax positions taken in earlier years. The Commissioner will consider such requests consistently with the principles set out in the Standard Practice Statement on section 113 (SPS 16/01 – Requests to amend assessments) on a case by case basis.

Categories:  company,   controlled-foreign-company-(cfc),   double-taxation-agreement,   permanent-place-of-abode,   residency,   residency-183-day-rule,   residency-325-day-rule,   residency-beneficiary-residence,   residency-changes-in-residence,   residency-day-count-rule,   residency-dual-resident-companies,   residency-permanent-place-of-abode,   residency-relevance-of-double-taxation-agreements,   residency-residence-and-trusts,   residency-residence-of-foreign-companies,   residency-residence-of-natural-persons-(individuals),   residency-trustee-residence,   trust  

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Determination FDR 2016/05: Use of fair dividend rate method for a type of attributing interest in a foreign investment fund

This determination applies to Class B and Class C share investments in the Kynikos Fund held by New Zealand resident investors.

Categories:  attributing-interest,   fair-dividend-rate-method,   foreign-investment-fund-(fif),   interest  

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Determination FDR 2016/06: Use of fair dividend rate method for a type of attributing interest in a foreign investment fund

This determination applies to shares held in the True Partners Fund.

Categories:  attributing-interest,   fair-dividend-rate-method,   foreign-investment-fund-(fif),   interest  

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Withdrawal of SPS 05/02: Income Tax Act 2004 - Penalties and interest arising from unintended legislative changes

SPS 05/02 sets out the Commissioner's practice regarding the imposition of shortfall penalties and use-of-money interest when a tax position is taken under the Income Tax Act 2004 (ITA 2004) and a confirmed unintentional legislative change gives rise to a tax shortfall.

Categories:  interest-(uomi),   penalty,   penalty-shortfall