Section CB 33 — Income Tax Act 2007: Amounts derived by mutual associations

CB 33 Amounts derived by mutual associations When this section applies (1) This section applies when an association enters into a transaction of a kind described in section HE 2 (Classes of mutual transaction) with— (a) 1 or more members; or (b) 1 or more members along with 1 or more persons who are not members of the association. Income: other income provisions (2) If the association derives from the transaction an amount that would, in the absence of this subsection, be income under a provision in this Part but for the mutual character of the transaction, the amount is income of the association. Defined in this Act: amount , association , income , income year , member , Compare: 2004 No 35 s HF 1(1) Section CB 33(2) heading: substituted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008-09 and later income years), by section 5(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section CB 33(2): substituted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008-09 and later income years), by section 5(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).