Tax Tips is published by PwC New Zealand and provides regular updates on the latest developments in tax law and policy.
In this issue:
- Tax reform effective from 1 April 2011
A number of legislative changes made in 2010 are effective from 1 April 2011 or from the beginning of a taxpayer's 2011-12 income year. This issue of Tax Tips contains a table highlighting the key amendments and their effective application dates.
- Expenditure on 'Jailhouse Rock' musical deductible
The High Court has allowed a taxpayer's appeal against the Commissioner's decision to disallow losses incurred in investing in a UK stage musical based on the Elvis Presley movie 'Jailhouse Rock'. The case, Mallowdale Enterprises Ltd v CIR, was heard by the High Court in Auckland in late January and is the first case for some time to consider the capital / revenue boundary.
- Changes to the disputes resolution process
The Taxation (Tax Administration and Remedial Matters) Bill introduced to Parliament on 23 November 2010 proposes a number of technical changes to the disputes resolution process. This article summarises PwC's submission.
- Taxation of individuals: common misconceptions
Recently Inland Revenue released a list of common misunderstandings about the taxation of individuals. The top five items on the list deal with residency and tax credit issues and serve as a reminder of the potential traps for individual migrating to or from New Zealand or investing overseas.