Section CW 40 — Income Tax Act 2007: Local and regional promotion bodies

CW 40 Local and regional promotion bodies Exempt income: beautification societies (1) An amount of income derived by an association or society is exempt income if— (a) the association or society is established mainly to— (i) advertise, beautify, or develop a city or other district so as to attract population, tourists, trade, or visitors: (ii) create, develop, or increase amenities for the general public in a city or other district; and (b) none of the funds of the association or society is used, or is or may become available to be used, for any other purpose that is not a charitable purpose. Exclusion: council-controlled organisation (2) Subsection (1) does not apply to an amount of income derived— (a) by a council-controlled organisation: (b) by a local authority from a council-controlled organisation. Exempt income: trustees of Cornwall Park (3) An amount of income that the trustees of Cornwall Park, Auckland, derive from the property of the trust is exempt income. Defined in this Act: amount , charitable purpose , council-controlled organisation , exempt income , income , local authority , trustee , Compare: 2004 No 35 s CW 33 Section CW 40 list of defined terms associated person : repealed (with effect on 1 April 2008), on 6 October 2009, by section 47 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).