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Commissioner appeal in Newmarket Trustees allowed

The Court of Appeal has overturned the High Court decision in CIR v Newmarket Trustees Limited (2011) 25 NZTC¶20-030 (the liquidations judgment).  See Commissioner of Inland Revenue v Newmarket Trustee Limited [2012] NZCA 351

Background

Newmarket Trustees is a corporate trustee that acts for a number of trusts.  Newmarket Trustees is insolvent due to unmet tax liabilities in respect of one if the many trusts of which it is a trustee.  Despite the company’s insolvency, which was not in dispute, the High Court took a pragmatic approach and elected to exercise its residual discretion under s 241(4) of the Companies Act and dismissed the application.  Read more

Cash basis persons rules – Are you aware of these changes?

The Taxation (Business Tax Measures) Act 2009 (enacted on 30 March) introduced a couple of fairly major changes to the cash basis person rules, which have gone relatively unnoticed by practitioners.  The Act was enacted ostensibly to provide a suite of tax relief measures for small to medium enterprises but carries both good and bad news in the cash basis persons sphere.

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  • 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...
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  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
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