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Income Tax Act 2007

Income - Exempt income

CW 44: Friendly societies

You could also call this:

“Tax exemptions for friendly societies, with some exceptions”

If you are a friendly society, you don’t have to pay tax on most of your income. This is called ‘exempt income’. However, there are two cases where you do have to pay tax:

  1. If you make money from a business that goes beyond just your members.

  2. If you make money from a company that is registered as an insurer under the Accident Insurance Act 1998.

Remember, this only applies to friendly societies. If you’re not sure if you’re a friendly society, you might need to check with someone who knows about these things.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513275.

Topics:
Money and consumer rights > Taxes
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Part C Income
Exempt income

CW 44Friendly societies

  1. An amount of income derived by a friendly society is exempt income, except to the extent to which the amount is derived from—

  2. a business carried on beyond the membership of the friendly society; or
    1. a company registered as an insurer under the Accident Insurance Act 1998.

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