Income Tax Act 2007

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CW 47 TAB and racing clubs
Exempt income: racing organisations

(1)

An amount of income derived by any of the following bodies is exempt income:

(a)

the New Zealand Racing Board:

(b)

New Zealand Thoroughbred Racing:

(c)

Harness Racing New Zealand:

(d)

the New Zealand Greyhound Racing Association (Incorporated).

Exempt income: racing clubs

(2)

An amount of income derived by a racing club, as defined in section 5 of the Racing Act 2003, is exempt income, if none of the club’s funds is used or is available to be used for the private pecuniary profit of a member of the club or an associate of a member.

Defined in this Act: amount, associated person, exempt income, income

Compare: 2004 No 35 s CW 40