Tax Alert - November 2012
Tax Alert is a monthly publication that keeps you up to date with the latest developments in tax. The alert is compiled by our national tax specialists who are continually monitoring the outlook for new tax developments and analysing the implications for our clients.
The binding rulings process – the price of certainty
In 2010 Inland Revenue introduced an enhanced binding rulings process after widespread criticism that the process was taking too long and was too costly with many taxpayers questioning its value. Two years on, the enhanced process appears to be working much better which is supported by the reduction in time taken to issue a ruling and a steady increase in the number of taxpayers applying for a ruling as they regain confidence in the process. In this article we explore when it may be appropriate to apply for a binding ruling and what taxpayers can expect from this enhanced process.
Also in this issue:
- New Zealand’s foreign trust rules – legitimate tax avoidance?
- Penny & Hooper - extended timeframe for voluntary disclosure concession
- Update on salary trade-off reforms
- Inland Revenue’s approach to Time of Supply has far reaching implications for GST registered persons
- The most significant case in Australia about the definition of “Supply”
- NZ to negotiate intergovernmental agreement on FATCA
- Upcoming Dbrief on Australian transfer pricing reform
- Bill passes third reading