Key areas include:
- Whether the determination of the value of a "benefit" in the Income Tax Act 2007 is a gross concept and whether the Act is consistent in its approach to the issue.
- Whether the Tax Administration Act 1994 should allow the Commissioner of Inland Revenue to make a binding ruling in relation to a taxpayer's circumstances for an income year or period of time, despite the taxpayer having already made a self-assessment of a taxation obligation for that year or period.
- If the Commissioner writes off uncollectible amounts of tax and makes consequential adjustments to a loss balance from a prior year or years under provisions of the Tax Administration Act 1994, whether the Commissioner should take into account provisions of sub-part CG of the Income Tax Act 2007 in determining the amount of adjustment to the loss balance.
Submissions commenting on any relevant technical and compliance aspects of these issues as well as proposed solutions would be welcomed.
Submissions can be made either:
Electronically at www.rewriteadvisory.govt.nz
or by post to:
Rewrite Advisory Panel Secretariat
PO Box 2198