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Income Tax Act 2007

Income - Terminating provisions

CZ 35: Amounts derived by Te Kōwhatu Tū Moana

You could also call this:

“Tax-free income for Te Kōwhatu Tū Moana trust during specific period”

If you are a trustee or beneficiary of Te Kōwhatu Tū Moana, you don’t have to pay tax on any money the trust earns between 17 March 2019 and 17 September 2019. This is because the government has said that any income the trust gets during this time is exempt from tax.

Te Kōwhatu Tū Moana is a special trust. Its full meaning is explained in section 4 of the New Plymouth District Council (Waitara Lands) Act 2018. If you want to know more about what this trust does or why it was set up, you can look at that section of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS173406.

Topics:
Money and consumer rights > Taxes
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Part C Income
Terminating provisions

CZ 35Amounts derived by Te Kōwhatu Tū Moana

  1. Income derived by Te Kōwhatu Tū Moana (the trust) is exempt income of the trustees and beneficiaries of the trust if it is derived by the trust in the 6-month period starting on 17 March 2019.

  2. In this section, Te Kōwhatu Tū Moana has the meaning given in section 4 of the New Plymouth District Council (Waitara Lands) Act 2018.

Notes
  • Section CZ 35: inserted, on , by section 65(2) of the New Plymouth District Council (Waitara Lands) Act 2018 (2018 No 2 (L)).
  • Section CZ 35 list of defined terms Te Kōwhatu Tū Moana: inserted (with effect on 17 March 2019), on , by section 104(a) of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).
  • Section CZ 35 list of defined terms month: repealed (with effect on 17 March 2019), on , by section 104(b) of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).