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The Commissioner of Inland Revenue may (or in some cases must) issue determinations about various tax issues such as accrual expenditure, depreciation, financial arrangements, foreign currency, livestock valuations, standard costs for boarding service providers, and childcare providers.
The Commissioner may determine certain matters relating to financial arrangements. A taxpayer may wish to apply for a determination to ascertain the tax treatment of a particular financial arrangement.
Taxpayers must depreciate all depreciable property, other than "excluded depreciable property", by applying the "basic economic depreciation rates" (or general depreciation rates). These rates are set out in Determination DEP1, which was issued in 1993. Since DEP1 was issued, we have issued further general determinations amending DEP1 and setting new asset classes and general depreciation rates.
These determinations provide currency methods and exchange rate sources for use by branches, and the exchange rates we accept for converting foreign currency amounts to New Zealand dollars under the controlled foreign company (CFC) and foreign investment fund (FIF) rules.
The Commissioner must, from time to time, make determinations of national standard costs of specified livestock and national average market values for specified livestock.
The determination(s) set out the types of horticultural plants that are listed and the diminishing value amortisation rates applicable to them. Where a horticultural plant has not been determined by the Commissioner as a listed horticultural plant, taxpayers may apply in writing to the Commissioner for a specific horticultural plant or category of horticultural plants to be so determined.
As part of legislation enacted on 21 February 2017, the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017, a new method for calculating provisional tax was introduced – the accounting income method (AIM).
The Commissioner may determine certain matters for the purposes of the CRS applied standard and Part 11B of the Tax Administration Act 1994: Participating jurisdictions, Suspension of reportable jurisdictions; and Non-reporting financial institutions and excluded accounts.
These determinations generally represent statutory discretions exercised by the Commissioner of Inland Revenue in respect of a specific tax issue. They may be initiated by the Commissioner, a taxpayer or a class of taxpayers. They generally set out amount(s) of expenditure that the Commissioner would accept as deductible or amortisation rates(s) that would apply to specific type of expenditure.