Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Income specific to certain entities

CV 17: Non-exempt charities: taxation of tax-exempt accumulation

You could also call this:

“Rules for taxing previously tax-exempt money held by non-exempt charities”

You might have some money that is considered income under a rule called section HR 12. This rule is about non-exempt charities and how they handle money that was tax-exempt before. If this applies to you, the money becomes your income one year after a final decision is made about it. This final decision day is important because it starts the one-year countdown. When that year is up, whatever day it ends on in that income year, that’s when the money counts as your income.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513123.

Topics:
Money and consumer rights > Taxes
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Part C Income
Income specific to certain entities

CV 17Non-exempt charities: taxation of tax-exempt accumulation

  1. An amount of income of a person under section HR 12 (Non-exempt charities: treatment of tax-exempt accumulation) is income of the person for the income year that contains the day 1 year after the day of final decision.

Notes
  • Section CV 17: replaced (with effect on 14 April 2014), on , by section 22 of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).
  • Section CV 17: amended (with effect on 14 April 2014), on , by section 31 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).