Description: The Goods and Services Tax Act 1985 has been amended to ensure that the levy a person is liable to pay to a responsible levy authority (as defined in the Infrastructure Funding and Financing Act 2020) is treated as consideration for a supply of goods and services and is therefore subject to GST.

Description: The Arrangement is the leasing of livestock by either StockCo Limited or StockCo Capital Limited (both referred to as StockCo in this Ruling) to their customers to use solely in a farming business. Each customer will be a "New Zealand resident" (as defined in s YA 1). StockCo will purchase the livestock either from the customer and then lease them back to the customer or from a third party and then lease them to the customer. The customer will lease the livestock over a period of usually four years. The livestock will be progressively culled (or may go missing or die) over the period of the lease, with cull payments being returned to StockCo.

Description: The Arrangement is the leasing of ewes by either StockCo Limited or StockCo Capital Limited (both referred to as StockCo in this Ruling) to their customers to use solely in a farming business. Each customer will be a "New Zealand resident" (as defined in s YA 1). StockCo will purchase the ewes from either the customer and then lease them back to the customer or from a third party and then lease them to the customer. The customer will lease the ewes over a period of usually four years. The ewes will be progressively culled (or may go missing or die) over the period of the lease with cull payments being returned to StockCo.

Description: The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: For a general approval application in relation to the research and development tax credit for the 2020-2021 income tax year under section 68CB(2) of the Tax Administration Act 1994, the date by which that application must be filed with the Commissioner is amended to be the 7th day of the fifth month after the end of the first income year.

Description: An amount a person receives from the disposal of land is taxable if the requirements of s CB 12 are satisfied. One of the requirements is that the person (or another person for them) must have carried on development or division work that is not minor, on or in relation to that land (s CB 12(1)(d)). The focus of this Interpretation Statement is on the meaning of the word "minor" in s CB 12(1)(d). The other requirements of s CB 12(1) are also discussed.

Description: An amount a person receives from the disposal of land is taxable if the requirements of s CB 12 are satisfied. One of the requirements is that the person (or another person for them) must have carried on development or division work that is not minor, on or in relation to that land (s CB 12(1)(d)). The focus of this Interpretation Statement is on the meaning of the word "minor" in s CB 12(1)(d). The other requirements of s CB 12(1) are also discussed.

Description: An amount a person receives from the disposal of land is taxable if the requirements of s CB 12 are satisfied. One of the requirements is that the person (or another person for them) must have carried on development or division work that is not minor, on or in relation to that land (s CB 12(1)(d)). The focus of this Interpretation Statement is on the meaning of the word "minor" in s CB 12(1)(d). The other requirements of s CB 12(1) are also discussed.

Description: An amount a person receives from the disposal of land is taxable if the requirements of s CB 12 are satisfied. One of the requirements is that the person (or another person for them) must have carried on development or division work that is not minor, on or in relation to that land (s CB 12(1)(d)). The focus of this Interpretation Statement is on the meaning of the word "minor" in s CB 12(1)(d). The other requirements of s CB 12(1) are also discussed. As discussed, when the Income Tax Act was rewritten, "work of a minor nature" became "the development or division work is not minor". The wording change was not intended to change the substantive effect of the provision, so s CB 12 is to be interpreted with reference to the earlier iterations of the Income Tax Act.8