Trust welcomes new Framework for tax status

Yesterday the Government announced it plans to introduce legislation to Parliament to give community housing providers certainty that assisting low-income families into home ownership will be exempt from income tax.

November 2013

http://beehive.govt.nz/release/tax-exemption-help-community-organisations-assist-home-ownership?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+beehive-govt-nz%2FMinister%2FNickSmith+%28Nick+Smith+-+beehive.govt.nz%29

Trust Chair, David Cole, said he was very pleased with the decision - “Trustees are delighted to see common sense prevail on this issue and we applaud the Minister’s announcement today.”

“From the beginning, this community worked closely alongside the Crown in the formation of the Trust. The Crown approved the structure, signed-off the Trust Deed, and approved the programmes and the activities of the Trust – even going so far as approving every individual household the Trust assisted. So it was disappointing that another arm of the Crown undermined this collaboration by striking the organisation from the Charities register.”

“It has taken more than 3 years to resolve this complex matter with Crown Agencies and we are very pleased the uncertainty of the Trust’s tax status during that period and going forward will now be resolved with this government announcement.”

“As the Trust established in its High Court challenge in 2011, the Charities Act was not drafted with community housing organisations in mind and we are very pleased that government is bringing certainty for the sector with its proposed new legislation.”

“Our energies and focus can now be wholly directed on delivering more houses for lower income households for a community that has among the most expensive housing costs in the country.”

ENDS

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