With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue
- Written by Ranjana Gupta, Senior Lecturer, Accounting Department, Auckland University of Technology
Jirsak/ShutterstockThe profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change.
Under current rules, New Zealand’s charities are allowed to run businesses as long as the...
Read more: With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue
