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Income Tax Act 2007

Income - Exempt income

CW 50: Veterinary services bodies

You could also call this:

“Tax exemptions for veterinary groups that improve services in New Zealand”

You might want to know about veterinary services bodies and how they’re treated for tax purposes in New Zealand. Here’s what the law says:

If you’re part of a veterinary association, club, or society, the money it makes can be exempt from tax. This means the group doesn’t have to pay tax on that money. But for this to happen, two things need to be true:

  1. The main purpose of the group must be to help make veterinary services in New Zealand better.
  2. None of the money can be used to make a profit for any member, owner, shareholder, or anyone connected to them.

There’s also a special rule for the Veterinary Council of New Zealand. Any money this council makes is automatically exempt from tax.

Remember, these rules are part of the Income Tax Act 2007, which is a law that tells us how income is taxed in New Zealand.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513287.

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

CW 50Veterinary services bodies

  1. An amount of income derived by a veterinary association, club, or society is exempt income if—

  2. the association, club, or society was established mainly to promote efficient veterinary services in New Zealand; and
    1. none of its funds is used or available to be used for the private pecuniary profit of a member, proprietor, shareholder, or associate of any of them.

      1. An amount of income derived by the Veterinary Council of New Zealand is exempt income.

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