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Exempt RWT recipients

Category A

No Description
1 Registered banks or building societies.
2 Trustee companies, the Public Trustee, portfolio investment entities (PIEs) or the Māori Trustee.
3

Taxpayers with annual gross income of more than $2 million

  • Any person or organisation who has filed all necessary returns by the due date and whose income in the most recent of those returns was more than $2 million before deductions (for example, sales exceeded $2 million). Companies within a group may aggregate their income, but transactions within the group must not be included.
  • Partnerships and trusts may also qualify for this exemption.
4 Taxpayers with estimated income of more than $2 million
Any person or organisation expecting their income before deductions for the next accounting year to be more than $2 million.
5 Finance houses
Any person or organisation whose principal activity is the business of borrowing and lending money.
6 Solicitors' trust accounts.
7 Brokers' or solicitors' nominee companies.

Category B

No Description
8 Charitable organisations or estates
Any organisation set up exclusively for charitable purposes (the relief of poverty, the advancement of education or religion, or any other matter beneficial to the community).
9 Amateur sports or racing clubs
Any society or association set up for the purpose of promoting any amateur sport, such as a cricket club, or any racing club.
10

Improvement or research promoters

  • Any club, society or association established for promoting or encouraging scientific or industrial research, efficient veterinary services or cattle herd improvement.
  • District improvement organisations established to develop or promote a city, borough or district.
11 Local or public authorities
Any local or public authority whose income is exempt from income tax.
12 Friendly societies or credit unions.
13 Non-profit organisations
Any organisation that is not carried on for the profit or gain any member, and whose taxable income is less than $1,000 in its most recently completed income year.
14 Taxpayers with tax losses (or anticipated tax losses) or a refund of over $500 RWT
Any taxpayer who satisfies Inland Revenue that due to losses they will have no income tax to pay, or that due to other limited circumstances they will be entitled to a refund of RWT exceeding $500. A set of budgeted accounts detailing the projected income, deductions, RWT credits and income tax liability must be sent with the application.
15 Inland Revenue approved benefit provider.
16 An amount expressly exempted from income tax by any other Act, to the extent of the exemption so provided.

An organisation seeking approval under Category B (except number 14) must supply a copy of their constitution with their application.

Unincorporated bodies

If an unincorporated body of persons, such as a partnership or a joint venture, has a certificate of exemption for a taxable activity, the certificate is issued in the name of the body and not in the name of the individual members. If the body is a trustee, the certificate of exemption is issued in the name of the trust.

 


Date published: 27 Sep 2010

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