All quiet on the home front

By November 3, 2021 No Comments

All quiet on the home front

Not a lot to report on in the last week, after a few weeks of some fairly heavy reading to get through.

If you’re interested, the latest update to the Public Guidance Work Programme from the Tax Counsel Office has been released. For those of you who have not viewed this previously, the updates set out various tax issues that IR have their eyes on, with progress on topics ranging from ‘Item not currently being work on’ to ‘Items where external consultation has closed’ – the latter indicative that IR may be releasing a draft document of ‘some nature for discussion in the not-too-distant future. Also listed are ‘Items on hold’ and ‘Completed items since XX date’.

Topics of interest to me on the present agenda include:

  • Income tax – Tax credits – Segmentation of foreign-sourced income 
  • Income tax – Land – Meaning of ‘disposal’ in the land sale rules
  • Income tax – Trusts – New Zealand – Australia DTA
  • Income tax – Partnerships – Taxation of partnerships
  • GST – Court awards and out of court settlements – Update of IS3387
  • GST – Leases – Difference between hire purchase agreements and agreements to hire; and,
  • GST – Taxable activity – Subdivisions and small-scale property development – Update of item in TIB Vol 7, No.2 (August 1995)

You should be able to find the latest update within IR’s Tax Technical section on their website.

This article from the ‘A Week in Review’ newsletter was originally published Monday 1st November 2021. If you have any questions or would like a second opinion on any national or international tax issues, please contact me richard@gilshep.co.nz. 

If you would like to receive these updates directly to your mail inbox, you can subscribe by clicking here.