Description: The Taxation (Use of Money Interest Rates Setting Process) Regulation 1997 outlines the methodology to be used when setting the use of money interest rates.

Description: An Order in Council has been made to include refunds for excess payments of financial support and student loan deductions as tax types refundable by direct credit under section 184A of the Tax Administration Act 1994. The provisions in sections 184A and 184B require tax refunds to be paid via direct credit to a bank account nominated by the taxpayer and were introduced to benefit taxpayers by eliminating time delays associated with the postal system and costs related to cheques.

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. Section 61(2) of the TAA allows the Commissioner of Inland Revenue to exempt any person or class of persons from this requirement if disclosure is not necessary for the administration of the international tax rules (as defined in section YA 1) contained in the Income Tax Act 2007 ("ITA").

Description: The focus of this statement is setting out how the Commissioner will treat a lump sum payment received under a settlement agreement for claims that (if successful) would have resulted in receipts of both a capital and revenue nature. Whether a settlement payment is taxable depends on what it is paid for - in this case, what was given up in return for the payment - and its nature in the hands of the recipient. It is essential to first determine what a payment is for before determining whether apportionment is necessary.

Description: The purpose of the loss offset provisions is to allow those companies that incur losses to utilise those losses even where different entities are involved. This means that there is similarity in the tax treatment of a group of companies, each carrying on separate enterprises, as compared with a single company that carries on the same enterprises in separate divisions.

Description: This was an appeal of the High Court's decision that Nancy Lois Roberts' forgiveness of debt was a 'charitable or other public benefit gift' within s LD 3(1)(a) of the Income Tax Act 2007 (the ITA) qualifying her for a donation tax credit (Nancy Lois Roberts v Commissioner of Inland Revenue [2018] NZHC 2153).