Part 3Licensing trusts, community trusts, and other matters
Community trusts: Miscellaneous
393Liability of community trust to taxes
A community trust is liable to income tax, rates, and all other taxes and duties as if it were a body corporate formed for private pecuniary gain.
For the purposes of the Inland Revenue Acts (as defined in section 3 of the Tax Administration Act 1994),—
- a community trust and the licensing trust that was converted into the community trust are, in relation to all assets and liabilities that, by this Act, become the assets and liabilities of the community trust, treated as the same person:
- all transactions entered into by, and all acts of, a licensing trust before conversion to a community trust, in relation to all assets and liabilities that, by this Act, become assets and liabilities of the community trust, are treated as having been entered into or performed by the community trust on the date on which they were entered into or performed by the licensing trust.