Section CW 47 — Income Tax Act 2007: TAB and racing clubs

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