Description: This interpretation statement sets out the Commissioner's position on whether and when a unit trust can have a single unit holder for income tax purposes. A unit trust is a type of trust that is treated as a company for income tax purposes.

Description: The Commissioner of Inland Revenue has released Interpretation Statement IS 16/02 'Unit Trusts - when a unit trust can have a single unit holder'. The view taken in this statement differs from the Commissioner's current published position set out in the commentary to BR Pub 95/5A: 'Relationship between the 'unit trust' and 'qualifying trust' definitions' (which stated that to be a 'unit trust' for income tax purposes requires more than one unit holder).'

Description: This QWBA provides guidance about when proceeds from the disposal of land acquired with a purpose or intention of disposal are taxable under s CB 6 - one of the land taxing provisions. The QWBA explains how s CB 6 applies, and its relationship with the 2-year bright-line test (another land taxing provision). The QWBA also discusses some common misconceptions about s CB 6, and includes examples to illustrate when it will apply.

Description: The Taxation Review Authority ('TRA') dismissed the Commissioner of Inland Revenue's ('the Commissioner') strike out application as service of the notices of assessment did not appear to be satisfactory and issues as to the disputant's standing to bring proceedings needed to be canvassed.

Description: The High Court found that due to s81(3) of the Tax Administration Act 1994 ('TAA'), the Commissioner of Inland Revenue ('the Commissioner') is not required to comply with discovery obligations under r 8.25 of the High Court Rules. Associate Judge Christiansen stated that due to the secrecy provisions invoked in s81(3), disclosing was not necessary for carrying into effect the Revenue Acts. His Honour further noted that the proceeding was between liquidators (governed by the Companies Act 1993) and Mr Bethune, the director of FAF Holdings Ltd ('the Company'), thus the tax liability of the company was not in dispute.

Description: The Supreme Court disagreed with the Court of Appeal that the general permission in s DA 1 of the Income Tax Act 2004 was not satisfied in relation to expenditure Trustpower made in obtaining resource consents for possible future generation projects, and held that the expenditure was incurred in the course of carrying on its business as a generator and retailer of electricity for the purpose of deriving assessable income.