Income Tax Act 2007

Schedule 34: Community housing trusts and companies: income and assets of beneficiaries and clients

You could also call this:

"Rules for community housing help: income and asset limits for people getting housing assistance"

When you apply for housing help from a community housing trust or company, there are rules about how much money you can earn. The income threshold is $85,000 for one person and $130,000 for a group of people. You can find more information about this in the Income Tax Act 2007, specifically in section s CW 42B. There are also rules about how many assets you can own.

If you have not owned land before, there is no threshold asset value. But if you have owned land, the threshold asset value depends on where you want to buy a house. For example, in Auckland, the threshold asset value is $120,000. In some other cities, it is $100,000, and in other areas, it is $80,000.

The law explains what some words mean, like "applicant", "asset value", and "income". An applicant is someone who applies for housing help. Asset value is the total value of property you own that you can use to buy a house. Income is the money you earn in a year. You can also learn about what it means to be a "land owner" by reading clause 8(5) and (6) of the KiwiSaver Act 2006.

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This page was last updated on 20 May 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6765534.

Schedule 33: Default fractions of foreign superannuation withdrawals, or

"How much of your foreign superannuation withdrawal is considered income"

Schedule 35: Public purpose Crown-controlled companies, or

"Companies controlled by the government to help the public"

34Community housing trusts and companies: income and assets of beneficiaries and clients Empowered by s CW 42B

1Income threshold

The threshold income for an applicant who is not a member of a group of applicants is $85,000.
The threshold income for the members of a group of applicants is $130,000 in total for the group.

Notes

Schedule 34 clause 1(1): amended (with effect on 1 August 2016), on 29 September 2016, by regulation 3(2) of the Taxation (Thresholds for Community Housing Entities) Regulations 2016 (LI 2016/220).
Schedule 34 clause 1(2): amended (with effect on 1 August 2016), on 29 September 2016, by regulation 3(3) of the Taxation (Thresholds for Community Housing Entities) Regulations 2016 (LI 2016/220).

2Threshold asset value

There is no threshold asset value for an applicant who has not been a land owner before applying for assistance from the entity in a proposed purchase.
The threshold asset value for an applicant who has been a land owner before applying for assistance from the entity in a proposed purchase is—
$120,000, if the proposed purchase is of an estate in land in Auckland:
$100,000, if the proposed purchase is of an estate in land in Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, or Queenstown Lakes District:
$80,000, if the proposed purchase is of an estate in land in a geographical area of New Zealand not listed in paragraphs (a) and (b).

Notes

Schedule 34 clause 2(2)(a): amended (with effect on 1 August 2016), on 29 September 2016, by regulation 3(4) of the Taxation (Thresholds for Community Housing Entities) Regulations 2016 (LI 2016/220).
Schedule 34 clause 2(2)(b): amended (with effect on 1 August 2016), on 29 September 2016, by regulation 3(5) of the Taxation (Thresholds for Community Housing Entities) Regulations 2016 (LI 2016/220).
Schedule 34 clause 2(2)(c): amended (with effect on 1 August 2016), on 29 September 2016, by regulation 3(6) of the Taxation (Thresholds for Community Housing Entities) Regulations 2016 (LI 2016/220).

3Meaning of terms

In this schedule,—
applicant means a person who—
1. successfully applies for housing or housing assistance from an entity that is a community housing trust or company; or
2. is 1 of a group of persons that successfully applies for housing or housing assistance from an entity that is a community housing trust or company
application date, for an applicant, means the date on which the person makes an application for housing or housing assistance from an entity that is a community housing trust or company
asset value means the total value of property owned by the applicant, at the application date, that is available to the applicant for the purchase of an estate in land and is—
1. money in a bank account, including a fixed or term deposit:
2. a share, stock, or bond:
3. an investment in a bank or financial institution:
4. money paid to, or held by, a real estate agent or solicitor as a deposit in the purchase of a home:
5. a boat or caravan with a value of more than $5,000:
6. a vehicle not being used as a usual method of transport:
7. an asset of another type, with a value of more than $5,000
income means an amount, for an applicant and the 12-month period ending with the application date (the application year), that is—
1. if the applicant carries on a business at any time in the application year, the amount that would be the applicant’s net income for the application year if the application year were an income year; or
2. if the applicant does not meet the requirements of paragraph (a), the amount of assessable income derived by the applicant in the application year
land owner means a person who holds an estate in land, whether alone or as a joint tenant or tenant in common, as determined under schedule 1 of the KiwiSaver Act 2006, clause 8(5) and (6).