Income Tax Act 2007

Income - Exempt income

CW 39B: Auckland Future Fund

You could also call this:

"Auckland Future Fund: a special fund where some income is tax-free for trustees."

If you are a trustee of the Auckland Future Fund, some of the income you get is exempt from tax. This means you do not have to pay tax on that income. You are exempt from tax on most income from the Auckland Future Fund.

However, you are not exempt from tax on income from certain organisations linked to Auckland Council, unless it is rates or a dividend. These organisations include council-controlled organisations of Auckland Council, port companies, subsidiaries of port companies, or energy companies, as explained in section 6(4) of the Local Government Act 2002. This rule applies to income that is not rates or a dividend.

The Auckland Future Fund is a fund set up by Auckland Council as part of its Long-term plan 2024–2034. It includes any funds, assets, or both that the Council adds to the fund, as well as capital and income retained in the fund. Auckland Council is the territorial authority established by section 6(1) of the Local Government (Auckland Council) Act 2009.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1426509.


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Part CIncome
Exempt income

CW 39BAuckland Future Fund

  1. An amount of income derived by a trustee of the Auckland Future Fund is exempt income.

  2. Subsection (1) does not apply to an amount of income that—

  3. is derived by a trustee of the Auckland Future Fund from—
    1. a council-controlled organisation of Auckland Council; or
      1. an organisation linked by ownership or control to Auckland Council that is a port company, a subsidiary of a port company, or an energy company, and that would be a council-controlled organisation of Auckland Council in the absence of section 6(4) of the Local Government Act 2002; and
      2. is not—
        1. rates; or
          1. a dividend.
          2. In this section, Auckland Future Fund

          3. means the fund established by Auckland Council as part of its Long-term plan 2024–2034; and
            1. includes—
              1. any funds, assets, or both that the Council adds to the fund; and
                1. capital and income retained in the fund.
                2. In this section, Auckland Council means the territorial authority established by section 6(1) of the Local Government (Auckland Council) Act 2009 as the Auckland Council.

                Notes
                • Section CW 39B: inserted (with effect on 1 April 2024), on , by section 28(1) (and see section 28(2) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).