Tax Tips is published by PwC New Zealand and provides regular updates on the latest developments in tax law and policy.
In this issue:
- Alesco avoidance decision - the death knell for the choice principle?
The Commissioner’s successful run in tax avoidance decisions continues with the High Court decision in Alesco New Zealand Ltd & Ors v CIR (HC AK CIV 2009-404-2145, 12 December 2011).
- Can deemed income give rise to beneficiary income?
A new draft Interpretation Statement (INS0111) considers whether income that is deemed to arise for the purposes of calculating taxable income, but not for trust law purposes, can give rise to beneficiary income.
- Depreciation of commercial fit-out: PwC's submission
In October, following changes to the depreciation rules, Inland Revenue released an exposure draft (ED0140) stating that a taxpayer cannot re-characterise a part of a commercial building into items of commercial fit-out to claim depreciation when those items had not been identified as separate depreciable property at the time of acquisition. Submissions were due on 18 November. This article summarises PwC's submission on the exposure draft.
- Facts on Tax 2012
We will be running our 25th Facts on Tax seminar series in 2012.