Differences between version 2 and predecessor to the previous major change of NewZealandIncorporatedSocietyHowto.
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| Newer page: | version 2 | Last edited on Wednesday, October 13, 2004 9:49:46 am | by GreigMcGill | Revert |
| Older page: | version 1 | Last edited on Wednesday, October 13, 2004 9:08:27 am | by DanielLawson | Revert |
@@ -61,11 +61,13 @@
Just because you're an IS doesn't make you tax-exempt automatically. The first thing you should be doing as an Incoporated Society (ie, as soon as you get your Certificate of Incorporation back from the Companies Office) is obtaining an IRD number, opening bank accounts, and applying to the IRD for tax exempt status.
One thing to be aware of here is that the IRD has certain requirements that must be met by your rules before you can qualify for tax-exempt status. It is probably worth submitting your proposed rules or charter to the IRD for verification _before_ you register with the Companies Office. This is merely a time-saving device however - if the IRD wants you to make changes to the charter, you have to have a special meeting to make the changes, get them verified by a JP, and register them with the Companies Office again.
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+Note: A JP does not actually verify your changes, just your signatures. That is, they verify that you are who you say you are, and that you are requesting these changes.
Subs, Fees, Grants, and Donations are not taxable as an Incorporated Society. You pay tax on interest earned, and there may be other forms of income which an IS will pay tax on. However, if you are not tax-exempt, you will have to fill in tax returns and so on every year.
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[1]http://www.med.govt.nz/ri/co_reg/incsociety1.html
