Description: These two public rulings were published in the Tax Information Bulletin Vol 25, No 11 (December 2013). In the section 'Public Ruling - BR Pub 13/05: Income tax - Standard project agreement for a public-private partnership - Companies', on page 5, under the subheading 'Unitary Charge' the bullet points should read:

• The Unitary Charge will be assessable income of the SPV under s CB 1.
• For the purpose of s BD 3, the SPV will derive the Unitary Charge in the income year in which it issues a valid invoice to the Crown.

Description: The Commissioner of Inland Revenue has released a determination, reproduced below, setting the national standard costs for specified livestock for the 2013-2014 income year

Description: Shares in the Russell Investment Company plc (RIC), an Irish public limited company to which this determination applies, are an attributing interest in a foreign investment fund (FIF) for New Zealand resident investors. RIC is structured as an umbrella fund with segregated liability between sub-funds. Those sub-funds do not have a separate legal personality under Irish law

Description: 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. Section EX 21B(3) of the Income Tax Act 2007 provides that a CFC that is an insurer meeting the requirements of a determination made by the Commissioner under section 91AAQ of the Tax Administration Act 1994 is a non-attributing active CFC.

Description: 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. Section EX 21B(3) of the Income Tax Act 2007 provides that a CFC that is an insurer meeting the requirements of a determination made by the Commissioner under section 91AAQ of the Tax Administration Act 1994 is a non-attributing active CFC.

Description: Mr Patterson filed an appeal for a High Court decision adjudicating him bankrupt. He did not, however, pay security for costs as ordered by the Court of Appeal. The Commissioner of Inland Revenue ('the Commissioner') therefore applied to have Mr Patterson's appeal struck out. The Court of Appeal granted the Commissioner's application and struck out Mr Patterson's appeal because of his failure to pay security for costs and because the appeal itself had no realistic prospect of success.

Description: The Court found the appellants were resident at the relevant time and were, therefore, liable to account for resident withholding tax ('RWT'). Further, the appellants' arrangement was also confirmed a tax avoidance arrangement.

Description: The Commissioner of Inland Revenue ('the Commissioner') obtained freezing orders over the defendants' bank accounts on 14 November 2013. However, prior to the application being made, and unbeknown to the Commissioner, the defendants had transferred sufficient funds to cover the assessments back to the liquidator of the assessed companies

Description: The Court of Appeal dismissed Sovereign Assurance Company Limited's ('Sovereign') appeal of its income tax assessments for the 2000-06 income years. The Commissioner of Inland Revenue ('the Commissioner') reassessed Sovereign in accordance with the accrual regime on the basis that the refundable commission transactions under the treaties were a financial arrangement pursuant to subpart EH of the Income Tax Act 1994 ('the Act').

Description: At the date of liquidation, Raiz Enterprises Ltd ('the company') owed outstanding pay as you earn ('PAYE') and goods and services tax ('GST'), but was owed a refund for overpaid withholding tax. The Commissioner of Inland Revenue ('the Commissioner') set off the refund against the amount owed. The liquidator's application for orders that the set-off was a voidable transaction was declined.

Description: The plaintiff applied for judicial review of the Commissioner of Inland Revenue's ('the Commissioner') reassessment of goods and services tax ('GST') on a number of grounds. The Commissioner objected to the jurisdiction of the High Court to hear and determine the causes of action based on Tannadyce Investments Ltd v Commissioner of Inland Revenue [2011] NZSC 158, [2012] 2 NZLR ('Tannadyce').