Section CW 38 — Income Tax Act 2007: Public authorities

CW 38 Public authorities Exempt income (1) An amount of income derived from sinking funds relating to the debt of a public authority is exempt income. Exempt income (2) Any other amount of income derived by a public authority is exempt income. Exclusion: amounts received in trust (3) Subsection (2) does not apply to an amount of income that a public authority derives as a trustee. Exclusion: superannuation schemes (4) Subsection (2) does not apply to a public authority to the extent to which it is a superannuation scheme. Exclusion: certain public authorities (5) Subsection (2) does not apply to an amount of income derived by the following public authorities: (a) Public Trust: (b) State enterprises: (c) Crown Research Institutes. Exclusion: mixed-ownership enterprises (5B) Subsection (2) does not apply to an amount of income derived by a mixed-ownership enterprise. Meaning of public authority (6) In this section, public authority includes the Reserve Bank of New Zealand. Defined in this Act: amount , Crown Research Institute , exempt income , income , mixed-ownership enterprise , public authority , State enterprise , superannuation scheme , trustee , Compare: 2004 No 35 s CW 31 Section CW 38(5B) heading: inserted, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section CW 38(5B): inserted, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section CW 38 list of defined terms mixed-ownership enterprise : inserted, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45).