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Income Tax Act 2007

Income - Income from holding property (excluding equity)

CC 6: Prizes received under Building Societies Act 1965

You could also call this:

“How prizes from building societies are taxed as income”

If you receive a prize under section 31A of the Building Societies Act 1965, it counts as your income. This applies whether you take the prize as cash or as an advance.

When you get a cash prize, it’s counted as income on the day of the bonus ballot that gave you the prize. If you get an advance instead, it’s counted as income on the day you receive it. If you get the advance in multiple parts, it’s counted as income on the day you receive the first part.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512518.

Topics:
Money and consumer rights > Taxes
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Part C Income
Income from holding property (excluding equity)

CC 6Prizes received under Building Societies Act 1965

  1. A prize received by a person under section 31A of the Building Societies Act 1965 is income of the person, whether they take it as cash or as an advance.

  2. The income is allocated as follows:

  3. a cash prize is allocated to the day on which the bonus ballot giving rise to the prize is held; and
    1. an advance is allocated to the day on which the advance is made or, if the advance is made in a series of advances, to the first day on which an advance is made.

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