What’s Up Doc?


Hopefully nothing nasty, or contagious.  Still, better to be on the safe side and check out what the Inland Revenue is currently working on.  Handy then that they tell us.

The Inland Revenue publish a list of topics and issues their technical team are working on – it’s a long list.  The latest, 10 September 2020 can be found here .  For a snapshot here are some random topics currently being worked on:

  • GST – Compulsory zero-rating rules (meaning of “land”)

Just when you thought “land” was pretty much defined!

  • GST – Not-for-profits – Elections for mixed-use assets

This one could be complicated and get nasty.  There already exists a law change to take effect 1 April 2021, the issue is about giving examples as guidance.

  • Income tax – Attribution – calculation examples of rules contained in ss GB 27 to GB 29

This is all about (usually) smaller businesses deriving too much services income from one client, performed by one person.  And how inserting a company, trust or partnership between the principal and the business does not always prevent a look through income tax situation.

  • Income tax – Charities – Charities and limited partnerships

Interesting.  If a Charity is in business with a for-profit entity, limited partnerships are particularly attractive.  This issue relates to interest derived by the partnership.

  • Income tax – Cryptoassets – Tax treatment of cryptoassets received from blockchain forks and airdrops

No idea what a blockchain fork is, nor an airdrop.  Might be interesting reading.  Note – crypto currency investments are on the rise within mainstream investment portfolios. 

  • Income tax – Tax avoidance – Review of Interpretation Statement on the application of ss BG 1 and GA 1

The Government needs more income (tax) – time to get serious about tax avoidance then. 

  • Income tax – Trusts – New Zealand-Australia DTA

Trusts have always been a bit tricky when it comes to Double Tax Agreements.  Especially when countries have different rules on which country gets the principal taxing rights and why.  We would like this expanded to other DTA’s, and commentary on when is a “trust” not a trust in different jurisdictions and how the DTA can assist.

If you need help with these or anything else on the Inland Revenue workplan, or would like us to make a submission on a topic, we are happy to help.


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