Reid v Commissioner of Inland Revenue - [1986] 1 NZLR 129

Income tax — Assessable income — Student teacher allowance — An allowance was paid to a teacher trainee who had entered into a bond to repay a specified sum if he should fail to teach for three years on completion of his training — Whether payments under allowance were assessable for income tax — Whether payments were exempt from tax as a "bursary" — Income Tax Act 1976, ss 61(37), 65(2)(b), and 65(2)(l).