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Budget Podcast – John Peterson, Vicki Ammundsen and Sybrand van Schalkwyk

John Peterson and Vicki Ammundsen join me on this first TalkTax podcast.  Hope you enjoy our thoughts on the Budget released today.  Please leave a comment below.

Click on this link to listen: Thoughts on the Budget

The transcript of the podcast is copied below:

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BR Pub 10/01 – 10/05: Ability of NZ Partner in Australian Limited Partnership (ALP) to claim foreign tax credits

In this set of binding rulings the Inland Revenue addresses the foreign tax credit position for NZ resident investors in hybrid ALPs (i.e. Australian Limited Partnership (ALPs) that are subject to tax in Australia as companies but treated as pass-through for NZ tax purposes).  The rulings conclude that a NZ resident investor will be entitled to a tax credit for Australian corporation tax paid by the ALP but not for any withholding tax on a distribution from the ALP.

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Boiler Plate GST Clauses

The NSW Supreme Court has recently handed down two decisions which consider when the contractual remedy of rectification for mistake is available in relation to GST clauses.

Both cases involved a sale of commercial/retail premises by auction where a dispute arose due to inconsistency between the written terms of the sale contract and the oral evidence regarding the intention of the parties as to whether the agreed price was GST inclusive or exclusive.  In both cases, the sale contracts contained no special conditions regarding GST so the standard GST provisions operated by default to make the price GST inclusive.

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Draft Standard Practice Statement ED0117: Recording Inland Revenue Interviews

Inland Revenue have released a draft standard practice statement (ED0117) on the recording of interviews (either voluntary or under section 19 of the Tax Administration Act 1994 (TAA)).

The practice statement provides that Inland Revenue will advise the taxpayer when it is intended that an interview will be recorded. Compulsory interviews under section 19 of the TAA will always be recorded (consent is not required), whereas voluntary interviews will only be recorded with the consent and cooperation of the interviewee. Inland Revenue have specifically stated there will be no secret recording of interviews. In most cases, upon request to Inland Revenue, the interviewee will be provided with a copy of the recording (written, audio or visual).  Inland Revenue will withhold a copy of the recording where there is reason to suspect that providing a copy is likely to “prejudice the maintenance of the law”.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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