Volume: 30, Issue: 10 (2018)
Volume: 30, Issue: 10 (2018)
New Zealands ratification of the OECDs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
Description: New Zealand signed the MLI on 7 June 2017, and deposited its instrument of ratification with the MLI Depositary on 27 June 2018.
Categories:
BASE EROSION
DOUBLE TAXATION AGREEMENT
MULTILATERAL INSTRUMENT (MLI)
OECD
PROFIT SHIFTING
TAX TREATY
Referenced Entities:
Updated: 22 / 01 / 2019
Reference:
2018_30_10_001
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IS 18/04: Goods and services tax - single supply or multiple supplies
Description: During Public Consultation on QB 18/14: GST treatment of fees that suppliers charge customers for using a credit or debit card the Commissioner signalled that she would be re-issuing IS 17/03: Single supply or multiple supplies. The Commissioner was aware that some taxpayers had read example 4 of IS 17/03 as suggesting that a credit card surcharge would always be a separate exempt supply of financial services. This is not the Commissioner's position. IS 17/03 has therefore been re-issued as IS 18/04 to clarify that the provision of a payment facility will not always be an exempt supply of a financial service.
Categories:
CREDIT CARD
DEBIT CARD
FEE
FINANCIAL SERVICE
GOODS AND SERVICES TAX
SUPPLIER
SUPPLIES
SURCHARGE
Legislation:
Updated: 22 / 01 / 2019
Reference:
2018_30_10_002
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IS 18/05: Income tax - donee organisations - meaning of wholly or mainly applying funds to specified purposes in New Zealand
Description: This interpretation statement concerns donee organisations under s LD 3(2)(a) of the Income Tax Act 2007. It is relevant to organisations applying funds to purposes within New Zealand and to purposes overseas. It is not relevant to organisations listed in schedule 32 of the Act. T
Categories:
DEFINE - MAINLY
DEFINE - WHOLLY
DEFINE SAFE HARBOUR
DONEE ORGANISATION
FUNDING NZ
FUNDING OVERSEAS
INCOME TAX
SAFE HARBOUR PERCENTAGE
Legislation: Updated: 22 / 01 / 2019
Reference:
2018_30_10_003
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Application for restoration to the Register of Companies
Description: The applicants sought orders to restore five companies to Register of Companies (the Register). The Court considered that on balance, the private and public interests favoured restoration of the relevant companies to the Register.
Categories:
COMPANY REGISTER
COMPANY RESTORATION
LEGAL
Referenced Entities:
Updated:
Reference:
2018_30_10_004
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Application to extend time for SOP dismissed
Description: Two companies were in dispute with the Commissioner of Inland Revenue (the Commissioner) concerning GST input credits and had two months to issue Statements of Position (SOPs) in response to the Commissioners SOPs.
Categories:
DISPUTE
EXTENSION OF TIME
GOODS AND SERVICES TAX - INPUT CREDITS
STATEMENT OF POSITION (SOP)
Legislation: Updated: 01 / 07 / 2019
Reference:
2018_30_10_005
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An application for orders appointing a replacement liquidator
Description: The Commissioner of Inland Revenue (the Commissioner) applied for orders appointing a replacement liquidator for Mercantile Developments Limited by way of originating application without notice. Application to extend time for SOP dismissed
Categories:
LIQUIDATION
STATEMENT OF POSITION (SOP)
Referenced Entities:
Updated: 01 / 07 / 2019
Reference:
2018_30_10_006
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High Court confirms deductions for bad debts not available as operating a 'Benevolence on the Conscience Loan Fund' not a money lending business
Description: Unsuccessful taxpayer appeal of a decision in the Taxation Review Authority. The High Court confirmed the Commissioner of Inland Revenues assessments disallowing two deductions for bad debts under s DB 31 of the Income Tax Act 2007 and imposing shortfall penalties under s 141A for not taking reasonable care.
Categories:
BAD DEBT
BUSINESS - LENDING
LENDING
LOAN FUND
MONEY LENDING
REASONABLE CARE
Legislation: Updated: 17 / 01 / 2019
Reference:
2018_30_10_007
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