In accordance with the provisions of Determination DET?05/03, as published in Tax Information Bulletin, Vol. 17, No. 10, of December 2005, Inland Revenue advises that, for the 2007 income year, the preliminary weekly standard-cost component is to be adjusted as follows:
(a) The weekly standard-cost for one to two boarders will increase from $200.00 each to $207.00 each; and
(b) the weekly standard-cost for third and subsequent number of boarders will increase from $162.00 each to $168.00 each.
The above amounts have been adjusted in accordance with the annual movement of the All Groups Consumers Price Index for the 12 months to March 2006, which showed an increase of 3.3 percent.
For boarding service providers who have a standard 31 March balance date, the new amounts apply for the period from
1 April 2006 to 31 March 2007.
These adjusted amounts are intended as a preliminary indication of the likely levels of weekly standard-costs.
These figures will be further adjusted, to apply retrospectively to the 2007 income year, based on the All Groups Consumers Price Index movement for the 12 months ending March 2007, when available.