Description: The Arrangement concerns local authority traffic law enforcement activities under the Land Transport Act 1998

Description: This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in Public Ruling BR Pub 17/03 ('the Ruling').

Description: The income threshold for the minimum family tax credit (MFTC), which guarantees eligible low-income working families a minimum level of after-tax income, rises from $23,764 to $23,816 on 1 April 2017

Description: This interpretation statement contains guidelines that the Commissioner considers relevant in determining whether feasibility expenditure is deductible under the general deductibility provisions in s DA 1. The statement applies where, having regard to the nature of the taxpayer's business, feasibility expenditure of the type in question is incurred as an ordinary incident of business and is recurrent in nature. Other feasibility expenditure (for example, expenditure associated with a one-off capital expansion or acquisition) is not covered by the statement. Ordinary deductibility principles should be applied to these situations to determine whether the general permission and capital limitation apply.

Description: Under s 113 of the Tax Administration Act 1994 (the TAA), errors are generally required to be corrected in the return period in which they arose. However, s 113A of the TAA allows taxpayers to correct minor errors made in income tax returns (including RWT and NRWT), FBT returns or GST returns in the next return that is due after the discovery of the error

Description: This determination applies to an attributing interest in a FIF, being a direct income interest in K2. This is a type of attributing interest for which the investor may use the fair dividend rate method to calculate FIF income from the interest.

Description: Section 61 of the Tax Administration Act 1994 ('TAA') requires taxpayers to disclose interests in foreign entities. Section 61(1) of the TAA states that a person who has a control or income interest in a foreign company or an attributing interest in a foreign investment fund ('FIF') at any time during the income year must disclose the interest held. In the case of partnerships, disclosure needs to be made by the individual partners in the partnership. The partnership itself is not required to disclose

Description: Elementary Solutions Ltd ('the applicant') was unsuccessful in its application to set aside the Commissioner of Inland Revenue's ('the Commissioner') statutory demand for unpaid taxes. The Court held that the parties had reached a binding agreement, where the Commissioner would not pursue the debt pending the outcome of a separate defamation proceeding. The Court held that an essential term of the agreement was that for the next 12 months the applicant and its director meet their ongoing tax obligations. When they failed to do so, the Court held that the Commissioner was entitled to cancel the agreement and pursue recovery of the applicant's tax debt.

Description: The Arrangement concerns local authority traffic law enforcement activities under the Land Transport Act 1998

Description: This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in Public Ruling BR Pub 17/03 ('the Ruling').

Description: The income threshold for the minimum family tax credit (MFTC), which guarantees eligible low-income working families a minimum level of after-tax income, rises from $23,764 to $23,816 on 1 April 2017

Description: This interpretation statement contains guidelines that the Commissioner considers relevant in determining whether feasibility expenditure is deductible under the general deductibility provisions in s DA 1. The statement applies where, having regard to the nature of the taxpayer's business, feasibility expenditure of the type in question is incurred as an ordinary incident of business and is recurrent in nature. Other feasibility expenditure (for example, expenditure associated with a one-off capital expansion or acquisition) is not covered by the statement. Ordinary deductibility principles should be applied to these situations to determine whether the general permission and capital limitation apply.

Description: Under s 113 of the Tax Administration Act 1994 (the TAA), errors are generally required to be corrected in the return period in which they arose. However, s 113A of the TAA allows taxpayers to correct minor errors made in income tax returns (including RWT and NRWT), FBT returns or GST returns in the next return that is due after the discovery of the error

Description: This determination applies to an attributing interest in a FIF, being a direct income interest in K2. This is a type of attributing interest for which the investor may use the fair dividend rate method to calculate FIF income from the interest.

Description: Section 61 of the Tax Administration Act 1994 ('TAA') requires taxpayers to disclose interests in foreign entities. Section 61(1) of the TAA states that a person who has a control or income interest in a foreign company or an attributing interest in a foreign investment fund ('FIF') at any time during the income year must disclose the interest held. In the case of partnerships, disclosure needs to be made by the individual partners in the partnership. The partnership itself is not required to disclose

Description: Elementary Solutions Ltd ('the applicant') was unsuccessful in its application to set aside the Commissioner of Inland Revenue's ('the Commissioner') statutory demand for unpaid taxes. The Court held that the parties had reached a binding agreement, where the Commissioner would not pursue the debt pending the outcome of a separate defamation proceeding. The Court held that an essential term of the agreement was that for the next 12 months the applicant and its director meet their ongoing tax obligations. When they failed to do so, the Court held that the Commissioner was entitled to cancel the agreement and pursue recovery of the applicant's tax debt.