The KiwiSaver first home subsidy will now be tax free, Revenue Minister Peter Dunne says.The subsidy was available to KiwiSavers who had contributed for three years or more, who were looking to buy the first home and had difficulty raising a deposit.The s
The KiwiSaver first home subsidy will now be tax free, Revenue Minister Peter Dunne says.
The subsidy was available to KiwiSavers who had contributed for three years or more, who were looking to buy the first home and had difficulty raising a deposit.
The subsidy provides $1000 for each year of contribution up to a $5000 maximum.
A change by Order in Council on Monday meant the subsidy was now treated as a social assistance suspensory loan which meant it would not be taxed, Mr Dunne said.
"Provided recipients meet all conditions and live in the home for at least six months, there will be no requirement to repay the loan."
