New Zealand law explained for everyone
If another Act specifically says that some money or income doesn’t need to be taxed, you don’t have to pay income tax on it. This is called exempt income. It’s important to remember that this only applies when the other Act clearly states that the income is exempt from tax.
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Next up: CW 65: New Zealand Railways Corporation restructure: exempt income
or “KiwiRail and its subsidiaries are exempt from tax on certain income related to railway assets”An amount of income expressly exempted from income tax by any other Act is exempt income.