This note is not
part of the
order, but is intended to indicate its general effect.
This order, which comes into force on 1 July 2010,
amends the Income Tax (Social Assistance Suspensory Loans) Order 1995 to include suspensory
loans under the KiwiSaver first home deposit subsidy programme (announced
in the May 2005 Budget) as social assistance suspensory loans for
the purpose of section EW 45 of the Income Tax
Act 2007. Under subsection (4) of that section, a person is treated
as having paid an amount owing under a suspensory loan on the date
on which they are released from the obligation to pay it.
Date of notification in Gazette: 29 April 2010.
This order is administered
by the Inland Revenue