Tainui Group Holdings

TGH is the commercial development arm of the WaikatoTainui iwi confederation.

It is a significant landowner in the Waikato district, and the biggest in Hamilton's CBD.

Waikato-Tainui has charitable status and is exempt from income tax.

In its submission to the Tax Working Group, Waikato-Tainui said the current tax framework for charities was appropriate and enabled Waikato-Tainui entities to work for the benefit of iwi. It said charity income tax exemptions, including the current business income exemption, must be maintained.

Questioned on TGH's tax status in relation to eventual proceeds from the Ruakura development, chief executive Chris Joblin said TGH's economic activities provided significant funds for iwi education, medical treatment and community assets that would otherwise be funded by taxpayers.

"TGH pays out pretty much all its cash earnings for delivery of social services. It is no different to church groups or anyone else that is part of the charitable structure."

TGH's 2018 net profit was $45.5 million, one component of tribal asset returns which yielded a net profit of $106m. TGH paid a dividend of $17.5m and provided a further $1m of services in kind.

TGH's goal is to return annual dividends of at least $30m by 2022, says Waikato-Tainui's 2018 annual report, which showed total tribal assets grew by $125m to $1.37b. Total equity increased $104m to $1.17b.