Section CW 51 — Income Tax Act 2007: Herd improvement bodies

CW 51 Herd improvement bodies An amount of income derived by a herd improvement association or society is exempt income if— (a) the association or society was established mainly to promote the improvement of the standard of dairy cattle in New Zealand; and (b) none of its funds is used or available to be used for the private pecuniary profit of a member, proprietor, shareholder, or associate of any of them. Defined in this Act: amount , associated person , exempt income , income , New Zealand , Compare: 2004 No 35 s CW 43