Section LD 3 — Income Tax Act 2007: Meaning of charitable or other public benefit gift

LD 3 Meaning of charitable or other public benefit gift Meaning (1) For the purposes of this subpart, a charitable or other public benefit gift — (a) means a gift of $5 or more that is paid to a society, institution, association, organisation, trust, or fund, described in subsection (2) or listed in schedule 32 (Recipients of charitable or other public benefit gifts): (b) includes a subscription paid to a society, institution, association, organisation, trust, or fund, only if the subscription does not confer any rights arising from membership in that or any other society, institution, association, organisation, trust, or fund: (c) does not include a testamentary gift. Description of organisations (2) The following are the entities referred to in subsection (1)(a): (a) a society, institution, association, organisation, or trust that is not carried on for the private pecuniary profit of an individual, and whose funds are applied wholly or mainly to charitable, benevolent, philanthropic, or cultural purposes within New Zealand: (b) a public institution maintained exclusively for any 1 or more of the purposes within New Zealand set out in paragraph (a): (bb) a Board of Trustees that is constituted under Part 9 of the Education Act 1989 and is not carried on for the private pecuniary profit of any individual: (bc) a tertiary education institution that is established under Part 14 of the Education Act 1989 and is not carried on for the private pecuniary profit of any individual: (c) a fund established and maintained exclusively for the purpose of providing money for any 1 or more of the purposes within New Zealand set out in paragraph (a), by a society, institution, association, organisation, or trust that is not carried on for the private pecuniary profit of an individual: (d) a public fund established and maintained exclusively for the purpose of providing money for any 1 or more of the purposes within New Zealand set out in paragraph (a). Defined in this Act: charitable or other public benefit gift , charitable purpose , New Zealand , pay , Compare: 2004 No 35 s KC 5(1)(aa)–(cp), (4) Section LD 3(2)(bb): inserted, on 1 July 2008, by section 31 of the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 (2008 No 36). Section LD 3(2)(bc): inserted, on 1 July 2008, by section 31 of the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 (2008 No 36). Section LD 3 list of defined terms charitable or other public benefit : repealed (with effect on 1 April 2008), on 2 November 2012, by section 115(a) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section LD 3 list of defined terms charitable or other public benefit gift : inserted (with effect on 1 April 2008), on 2 November 2012, by section 115(b) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section LD 3 list of defined terms gift : repealed (with effect on 1 April 2008), on 2 November 2012, by section 115(a) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).