17 Dec 2019
CIR v ROBERTS [2019] NZCA 654
- Citation
- [2019] NZCA 654
- Court
- Court of Appeal
The Court held that, for s LD 3(1)(a) of the Income Tax Act 2007 as enacted for the years in issue, "monetary" and "money" are not confined to physical cash; a monetary gift may be constituted by a specific credit such as forgiveness of a debt because the statutory concept of payment can be satisfied by crediting/debiting accounts. Policy arguments about valuation and administration did not justify reading the provision narrowly contrary to its text and context, so forgiveness of debt to a registered charity qualified as a monetary gift for the tax credit.