Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Exempt income

CW 60: Stake money

You could also call this:

“Exemption for certain racing prizes and winnings”

If you win stake or prize money from a dog race, horse race, or trotting race, you don’t have to pay income tax on it in two situations. The first is if the money comes from a club that has a special licence to use a betting system called a totalisator. This licence is given under the Racing Industry Act 2020. The second situation is if the race happened outside of New Zealand. In both these cases, the money you win is considered exempt income, which means you don’t need to include it in your taxable 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=DLM1513316.

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

CW 60Stake money

  1. Stake or prize money for a dog race, horse race, or trotting race is exempt income if—

  2. it is paid by a club that is licensed to use the totalisator under the Racing Industry Act 2020; or
    1. the race is held outside New Zealand.

      Compare
      Notes
      • Section CW 60(a): amended, on , by section 129 of the Racing Industry Act 2020 (2020 No 28).