Section CW 45 — Income Tax Act 2007: Funeral trusts

CW 45 Funeral trusts Interest or a dividend derived by a trustee in trust for a fund is exempt income if, when the interest or dividend is derived by the trustee,— (a) the sole purpose of the fund is the payment of the expenses associated with the funerals of— (i) employees of an employer: (ii) spouses, civil union partners, de facto partners, and dependants of employees of the employer: (iii) surviving spouses, civil union partners, de facto partners, and surviving dependants of deceased employees of the employer; and (b) the employer has at least 10 employees; and (c) all persons eligible for benefits from the fund are eligible equally for benefits from the fund; and (d) no contributions to the fund are made by a person who is not the employer or an employee of the employer; and (e) the fund is approved by the Commissioner. Defined in this Act: Commissioner , dividend , employee , employer , exempt income , interest , pay , trustee , Compare: 2004 No 35 s CW 38