TIB index based from the NZ Tax Information Bulletin - kwister.net
Current Time (NZ)
03:52:27
29 Dec 2024
03:52:27
29 Dec 2024
TIB index based from the NZ Tax Information Bulletin - kwister.net
BR Prd 18/04: Harbour Fund III G.P. Limited
The Arrangement is the receipt by the Harbour Fund III Limited Partnership (the Fund) of proceeds under individual funding agreements that the Fund will enter into with litigation claimants in a proposed class action against Steel & Tube New Zealand Limited and/or Steel & Tube Holdings Limited (and possibly other steel manufacturing companies) under which the Fund will agree to pay all legal and other costs incurred by the claimants in return for a share of the proceeds.BR Prd 18/05: PGG Wrightson Limited
This ruling applies to the return of excess capital in PGG Wrightson Limited to its shareholders by way of an off-market, prorata repurchase and cancellation of PGG Wrightson Limited shares, following the sale of PGG Wrightson Seeds Holdings Limited.IS 18/06 - Income tax - treatment of costs of resource consents
This Interpretation Statement addresses the various ways that the cost of a resource consent can be deducted or depreciated. Depending on the circumstances, expenditure may be deductible under the principles in IS 17/01: 'Income tax - deductibility of feasibility expenditure', as expenditure on revenue account or under a specific provision in the Income Act 2007.Foreign currency amounts - conversion to New Zealand dollars (for the six months ending 30 September 2018)
Categories: controlled-foreign-company-(cfc), currency, foreign-currency, foreign-investment-fund-(fif)Horse racing club entitled to GST input deduction on stakes paid to GST-registered riders and trainers
This case involved the issue of entitlement to input tax deductions under the Goods and Services Tax Act 1985 for stakes payments paid to GST registered trainers and jockeys in the horse racing industry. Canterbury Jockey Club Inc ('CJC') had claimed GST input deductions on stakes payments paid to GST registered trainers and riders in horse races CJC conducted.Commissioners application to strike out a judicial review application granted
Mr Mawhinney, as trustee of the Sixty-Six Auckland Trust ('the Trust') applied for a judicial review of decisions by the Commissioner of Inland Revenue ('the Commissioner') and the Taxation Review Authority ('the TRA'). The Trust challenged: (1) the Commissioners decision not to complete the disputes process pursuant to the Trusts notice of proposed adjustment ('NOPA'); (2) the Commissioners decision to invoke s 89C(eb) in respect of the 2008 reassessment; and (3) the TRAs decision to strike out its challenge in relation to the 2008 reassessment.Parents payments to private school were not unconditional gifts, but were consideration for the supply of education services and subject to GST
The disputant challenged the assessments for goods and services tax ('GST') made by the Commissioner of Inland Revenue ('the Commissioner') for the seven six-monthly GST periods. The disputant argued it was not liable to pay output GST on payments made by parents at one of their schools, as those payments were charitable donations and therefore were unconditional gifts. However, the Commissioner argued those payments were consideration for the provision of education services by the disputant and therefore liable for output GST. The Taxation Review Authority ('the Authority') found in favour of the Commissioner.Accountant loses appeal in High Court for expenditure on rental properties and treatment of trust income and expenses
This decision concerns the appellant taxpayers (Mr Wong) appeal against the Taxation Review Authoritys ('the Authority') decision upholding the Commissioner of Inland Revenues ('the Commissioner') assessments in the 2013 and 2014 income years (TRA Case 09/16 [2017] NZTRA 04). The Commissioner disallowed interest and other expenditure on funds borrowed to purchase properties for commercial rental having the effect of increasing Mr Wong's taxable income. The High Court was not satisfied that Mr Wong had discharged his onus of showing how and by how much the Commissioners assessments were wrong ultimately finding the Authoritys decision correct in all respects and disallowing the appeal.