Description: 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).

Description: 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.

Description: 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.

Description: 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).

Description: 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.

Description: 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.

Description: 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.

Description: 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).

Description: 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 used

Description: 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.

Description: 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.

Description: In the case of death, the executors of the person's estate are exempted from the requirement to provide an IRD number.

Description: In the case of death, the executors of the person's estate are exempted from the requirement to provide an IRD number.

Description: 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.

Description: 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.

Description: 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.

Description: 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

Description: 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).

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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.

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.

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.

Description: 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.

Description: 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.

Description: 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.

Description: 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.

Description: 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.

Description: 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.

Description: 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.

Description: 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.

Description: 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').

Description: 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.