New Zealand Gazette – 1990 – No. 34

Page 712

✨ Trade Credit Determination and Film Censorship Decisions



NEW ZEALAND GAZETTE

No. 34

acquisition price of a trade credit in accordance with sections 64BA (2) or (3) of the Act.

(5) Income derived or expenditure incurred in relation to a trade credit shall be calculated as if the value of the specified goods or services were equal to the core acquisition price, and using the yield to maturity method.

  1. Example—(1) A trade credit is entered into on 1 December 1988. Under the trade credit, goods supplied on 17 February 1989 are to be paid by $400,000 in New Zealand currency on 14 July 1989. The term of the trade credit (period from day after supply date to final payment date) is therefore 147 days.

(2) The market yield on 17 February 1989 of bank bills maturing in 147 days is 13.5% ascertained in accordance with Determination G13: Prices or Yields.

(3) In this case, the purchaser is the “issuer” for purposes of the accruals legislation.

(4) The purchaser has a 31 March balance date.

(5) Method A of Determination G10: Present Value Calculation Methods, is applied to calculate the present value as at 17 February 1989 (the “specified date”) as follows—

Present value = 

1 + F

= $379,373

This is “u” to be used in calculating the core acquisition price.

A = 0.

B = $400,000 (payable by the issuer or receivable by the holder).

C = 0 (payable by the holder or receivable by the issuer).

R = 13.5% (the specified rate).

N = 365/147.

F = 

R

—— × N

100

= 0.05437

A + B - C

(6) For purposes of recognising income derived or expenditure incurred in relation to the trade credit Determination G3 is used (alternatively, G11 could be used) where—

R = 13.5%,

N = 2,48299, and

F = 0.5437.

The expenditure incurred for the 147 day period is,

$379,373 × 0.05437 = $20,627

This is apportioned for the period 17 February to 31 March using Determination G1A—

1989 income year 42 days $5,893

Expenditure for the 1990 income year is determined using the base price adjustment where,

a = $400,000

b = $379,373

c = $5,893

a - (b + c) = $14,734

As this amount is positive it is deemed to be expenditure incurred by the issuer.

This determination is signed by me on the 9th day of February in the year 1990.

R. D. ADAIR,
Deputy Commissioner of Inland Revenue.

go5297

Internal Affairs

Films Act 1983

Chief Censor’s Decisions: 3–31 January 1990

Pursuant to section 21 of the Films Act 1983, the entries in the Register for the above period are hereby published.

Key to Decisions

G—Approved for general exhibition.

GY—Approved for general exhibition: recommended as more suitable for persons 13 years of age and over.

GA—Approved for general exhibition: recommended as more suitable for adults.

G* —Approved for general exhibition: .......... (as specified).

R(age)—Approved for exhibition: only to persons .......... years of age and over (as specified).

RP(age)—Approved for exhibition: only to persons .......... years of age and over and to any person under that age when accompanied by that person’s parent or guardian.

R*—Approved for exhibition only .......... (as specified).

Ex—Exempted from examination and approved for exhibition .......... (with any conditions as specified).

Schedule

Applicant Title Silent(S) or Trailer(T) No. of Copies Gauge Format Running Time Minutes Reason for Cuts Country of Origin Notes Remarks
3 January 1990
Amalgamated Fox
Distributors Masanori Hata The Adventures of Milo and Otis (T. No. 1) 3 35 mm 1.5 ... Japan
Brown Christiansen/Doyle Unknown BALLY’S IRISH CREAM 15 35 mm 1.0 ... N.Z.
Dane Bembach Ltd. Amalgamated Hoys Erik The Viking (T. No. 1) 1 35 mm 2.0 ... U.K., Sweden
Cinemas Terry Jones
Amalgamated Fox Sidney Lumet FAMILY BUSINESS 1 35 mm 115.0 ... U.S.A.
Distributors
Amalgamated Hoyts Rob Reiner When Harry Met Sally... (T. No. 2) 3 35 mm 3.0 ... U.S.A.
Cinemas
4 January 1990
Columbia Films (N.Z.) Ltd. Edward Zwick GLORY 1 35 mm 122.0 ... U.S.A.
Pacer Kerridge Film Jerry Schatzberg REUNION 1 35 mm 111.0 ... West Germany, France, U.S.A., U.K.
Distributors Ltd.


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✨ LLM interpretation of page content

💰 Determination G16A: Discounted Value of Amounts Payable in Relation to Trade Credits Denominated in New Zealand Currency (continued from previous page)

💰 Finance & Revenue
9 February 1990
Income Tax Act, Trade Credits, New Zealand Currency, Discounted Value, Taxation
  • R. D. Adair, Deputy Commissioner of Inland Revenue

🎓 Chief Censor’s Decisions under Films Act 1983

🎓 Education, Culture & Science
Film Censorship, Classification, Films Act 1983